In Asian Equity Markets stocks rose on Thursday tracking a Wall Street rally as dovish comments from Federal Reserve Chair Jerome Powell boosted investor sentiment towards riskier assets. MSCI’s broadest index of Asia-Pacific shares outside Japan’s Topix index climbed 0.8 percent.. South Korea’s Kospi index rose 1 percent. Hong Kong’s Hang Seng added 0.8 percent. The Shanghai Composite gained 0.5 percent. Australia’s S&P/ASX 200 Index advanced 0.6 percent.

In Currency Markets the dollar fell from two-week highs on Wednesday after Federal Reserve Chairman Jerome Powell said that interest rates are just below neutral, raising expectations that the U.S. central bank is closer to the end of its rate hike cycle. Powell said the policy rate, at 2-2.25 percent, is now “just below” the broad range of estimates of neutral, which in September was 2.5-3.5 percent. Minutes from the Fed’s Nov. 7-8 meeting, to be released on Thursday, will next be evaluated for further indications of how many more times the U.S. central bank is likely to hike interest rates.

In Commodities Markets oil fell below $60 per barrel on Wednesday after U.S. crude inventories rose for the 10th straight week amid concerns about excess global supply. Prices, however, rose from the day’s lows in tandem with a rally in stocks after a speech from Federal Reserve Chair Jerome Powell, who said risks to the U.S. economy are relatively balanced, suggesting the pace of interest-rate hikes may slow in coming months. Brent crude was down 32 cents, or 0.5 percent, at $59.89 a barrel, after falling as low as $59.03. U.S. crude fell 25 cents to $51.31 a barrel, up from its session low at $50.61.

In US Equity Markets comments by Federal Reserve Chair Jerome Powell that benchmark U.S. interest rates were “just below” neutral sparked a sharp rally on Wall Street on Wednesday, easing investor worries about the pace of rate hikes by the U.S. central bank next year. The S&P 500 gained 2.30 percent, to 2,743.78 and the Nasdaq Composite added 2.95 percent, to 7,291.59. Salesforce.com Inc beat analysts’ earnings estimates and forecast better-than-expected 2020 revenue, sending its shares up 10.3 percent.

In Bond Markets yields on shorter-dated U.S. government bonds fell on Wednesday afternoon, steepening the yield curve, after Federal Reserve Chair Jerome Powell delivered a speech in which he signaled that an end to the bank’s interest-rate hike cycle may be closer than previously suggested. Two-year treasury yields, which reflect traders’ rate-hike expectations, dropped 3 basis points, last at 2.80 percent. The shorter end of the yield curve fell faster than the long end, widening the spread between two- and 10-year yields by 1.9 basis points.