Asian Stocks Soar as Rate Hike Bets Plummet

Hong Kong - Asian stocks rallied on September 4 as investors scaled back bets on a US rate hike following comments from Federal Reserve Governor Christopher Waller. Markets are now pricing in roughly a 50% chance of a Fed rate hike later in September, down from about 63% the day before.

The Straits Times Index rose to a record high of 5,807.16 points, with blue-chip banks leading the gains. The index was up 1.9% for the week, set for its best week since early July.

Data showed annual inflation in the Philippines slowed for the fourth straight month in August, but stocks slipped 0.2%. However, the benchmark was up 2.2% for the week and on track for its best week since mid-June.