Investing.com - Asian shares moved ahead on Friday on expectations the Federal Reserve will continue to hold rates steady when it meets this month based on minutes from the previous meeting released overnight.
The Nikkei 225 rose 1.78%, and the Shanghai Composite rose 0.33%, while the S&P/ASX 200 gained 0.85%.
In particular, concern about China was key in the Federal Reserve’s decision to keep interest rates near zero, minutes from the last meeting released Thursday show.
“Many [officials] acknowledged that recent global economic and financial developments may have increased the downside risks to economic activity somewhat,” the minutes from the Federal Open Market Committee said.
The relatively dovish minutes from the September meeting may bolster arguments that the FOMC could wait as long as March of next year before lift-off. Previously, it was widely believed the FOMC could raise rates either this month or when it meets in December. A rate hike is viewed as bullish for the dollar, as foreign investors pile into the greenback looking to capitalize on higher yields.
Overnight, U.S. stocks were higher after the close on Thursday, as gains in the Oil & Gas, Basic Materials and Industrials sectors led shares higher.
At the close in NYSE, the Dow Jones Industrial Average added 0.82% to hit a new 1-month high, while the S&P 500 index climbed 0.88%, and the NASDAQ Composite index added 0.41%.