Investing.com - Shares in the Asia-Pacific region are on an upward trend as Thursday's market opens, following dovish signals from Federal Reserve officials overnight that drove US benchmark averages to fresh record highs.
The S&P/ASX 200 added 0.8% while the KOSPI 200, and Nikkei 225 lifted 1.5% apiece.
In the US, The S&P 500 ended the day 0.9% higher, the Dow Jones Industrial Average added 400 points or 1%, while the NASDAQ Composite closed 1.3% higher.
Market fears of robust inflation prompting the central bank to reconsider its stance on 2024 rate cuts were eased as most officials projected three cuts this year in new forecasts. As expected, the Fed left interest rates unchanged. Consequently, the yield on the benchmark 10-year Treasury note fell to 4.271% from 4.296% the previous day.
In individual stocks, Chipotle shares rose 3.5% after announcing a 50-for-1 stock split. Super Micro shares slipped 1.6% after completing a share offering. Paramount Global's shares soared 11.8% following Apollo Global Management's $11 billion offer to acquire the company's film and TV studio.
Small and midsize companies performed exceptionally well, with the Russell 2000 climbing 1.9%. In the commodities market, Brent crude oil fell 1.3% to US$86.23 a barrel, while gold rose by 1.3% to US$2,185.86.
Chinese shares closed higher after the PBOC maintained steady benchmark lending rates. The Shanghai Composite Index rose 0.55% to 3079.69, with software companies leading the gains. Hong Kong's Hang Seng Index edged 0.1% higher, with transport-related stocks driving the gains.
Japanese stocks closed higher, propelled by gains in real estate stocks following the Bank of Japan's decision to end negative interest rates. Indian shares closed slightly higher as investors awaited the Fed's interest-rate decision.
European shares remained mostly unchanged at closing, with the Stoxx Europe 600 at 505.33. Markets were cautious ahead of the US Federal Reserve's announcement after European markets closed. The German DAX rose 0.15% and the UK's FTSE 100 remained flat. However, France's CAC-40 dropped 0.5% due to a significant fall in Kering (EPA:PRTP) shares after it warned that Gucci's first-quarter sales would decline by nearly 20%.
The Australian dollar rose from its previous close of 65.29 to hit 65.80 US cents.