Tech leads equities’ rebound as Powell sticks to script

Published by
Reuters UK

By Tom Westbrook SYDNEY (Reuters) – Stocks and commodities rose in relief and the dollar hit a six-week low on Wednesday, after Federal Reserve Chair Jerome Powell sounded less hawkish than expected in testimony to Congress, as he charts a path out of pandemic policy settings. Bonds have also steadied after beginning the year with a rout, though a new test looms later in the day when U.S. inflation data is expected to come in red hot. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1% to a one-month high, led by a 3.5% jump for tech stocks in Hong Kong. [.HK] Japan’s Nikkei ros…

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