Frankfurt/Tokyo Asian stocks are initially higher on Monday after a Wall Street rally. Investors were encouraged by the US Federal Reserve, which is likely to leave interest rates on hold by 75 basis points, in part as consumers eased inflation fears.
“This weakening of inflation expectations is one reason why we expect the FOMC not to accelerate the pace of near-term rate hikes and to make a 75 basis point hike at the July FOMC meeting,” Goldman Sachs analysts said in a statement.
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The Shanghai stock exchange was up 1.1 percent. The index of the most important companies in Shanghai and Shenzhen gained 0.8 percent. The 225-stock Nikkei Index was closed for a holiday.
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