Australia, NZ shares higher after Fed signals gradual policy tightening

The graphics chip maker extended its winning streak to six days early Wednesday after receiving an analyst upgrade

In her testimony, Yellen cited "transitory factors" keeping USA inflation low, but also acknowledged "there could be more going on there".

While Ms Yellen said she meant to serve her first term as chairman, which ends next year, asked if she thought it would be her last appearance before the House financial services committee, she replied: "It may well be". The S&P 500 advanced by 0.7 per cent to 2,442 by lunchtime with the Dow Jones adding 0.6 per cent to 21,524.

The move assuaged concerns among some traders anxious that the Fed has been moving too quickly to raise interest rates despite a slowdown in inflation and the US economy's sluggish growth of just 1.4 percent in the first quarter.

"Provided the economy evolves broadly as anticipated, it will likely begin to implement the program this year", said Yellen in her testimony referring to the balance sheet reduction.

We'll have more when the hearing actually starts, but Yellen's testimony is out and it's as expected.

Republican senator dismisses procedural claims on Russian Federation sanctions bill
Trump's nominees are getting hung up, nonetheless, because Democrats are using delay tactics, the White House says. And the number of nominees Obama had pushed through did not match up with what his own White House said , either.

The dollar, which fell against the euro soon after the release of Yellen's prepared remarks, reversed course and was trading near session highs against the common currency, as government bond yields in the euro area fell. The Nasdaq posted its high of the day just ahead of Yellen's testimony.

Shares in Japan, Australia and South Korea all advanced on the final day of a week characterized by dovish comments from policy makers in the U.S. that also helped drag the USA dollar lower. The tertiary industry activity dropped 0.1 percent month-on-month in May, reversing a 1.4 percent rise in April. Additionally, strong trade data out of China boosted the Australian dollar against its United States counterpart.

Against a basket of currencies that measures its broader strength, the U.S. dollar fell back to its lowest since last October in Asian trading, undoing all of a recovery last week driven by generally higher global bond yields.

Technology shares also rose sharply, with the tech index also up 1.3%. South Korea's Kospi gained 1.2 percent to 2,419.18. However, it did not commit to a path of interest rate hikes as the bank wants to keep a close-eye on future economic developments.

Gold prices have are down $2 or 0.2% overnight trading at $1,218 an ounce.WTI Crude Oil prices are up 0.7% trading at $46.02 a barrel. Economists polled by Reuters expect the June core CPI figure to have risen 0.2 per cent month-on-month, from a gain of 0.1 per cent the previous month.

Related News:

  • Wimbledon 2017: Women's results - Semifinals

    Wimbledon 2017: Women's results - Semifinals

    To bow out of a Slam semi-final under such dominance was and she admitted to feeling very disappointed, but context is everything. She is now projected to move to No.33 by reaching the semifinals and could make her Top 20 debut by reaching the final.
    Raptors have reached out to Jazz over acquiring Boris Diaw

    Raptors have reached out to Jazz over acquiring Boris Diaw

    The Salt Lake City Tribune's Tony Jones says the team has contacted the Utah Jazz over Boris Diaw . Udoh spent the last two years in the Euroleague, playing for Fenerbache of Turkey.
    Gymboree is closing 350 stores after filing for bankruptcy

    Gymboree is closing 350 stores after filing for bankruptcy

    Sears Holdings ( SHLD ) has said it plans to shut down more than 250 stores this year - about 20 percent of its locations . The Milwaukee Journal Sentinel reports the retailer is closing 350 stores nationwide as it restructures in bankruptcy.
  • Lewis Hamilton defends absence from London F1 event

    Lewis Hamilton defends absence from London F1 event

    He explained: "I do have the biggest following here in F1 and communicate with them as much as I can". Hamilton said he already did "everything I can to genuinely connect" with his supporters.
    Sano gets RBI single as AL wins 2-1

    Sano gets RBI single as AL wins 2-1

    Started by Chris Sale and Max Scherzer, the pitchers reigned for both leagues through the first four innings of the contest. He walked Harper and Buster Posey, threw a pair of wild pitches and got out of a bases-loaded jam when Murphy grounded out.
    China says trade with North Korea rose 10.5pc in first half

    China says trade with North Korea rose 10.5pc in first half

    Tensions rose after North Korea's test this month of an intercontinental ballistic missile that could reach the U.S. mainland. The number of North Korean defectors coming to the South is declining again after posting slight growth previous year .
  • Trump's lawyers try to control unruly White House

    Trump's lawyers try to control unruly White House

    After landing in France , Mr Trump praised the cease fire he helped broker during a joint press briefing with Mr Macron. DONALD TRUMP JR ., Son of Donald Trump: In retrospect, I probably would have done things a little differently.
    Stoke favourites to sign Kurt Zouma from Chelsea on loan

    Stoke favourites to sign Kurt Zouma from Chelsea on loan

    Chelsea defender Kurt Zouma is reportedly at the centre of a transfer battle involving 20 clubs hoping to snap him up on loan this summer.
    Root praises Cook after England Test win

    Root praises Cook after England Test win

    After lunch on the first day, watching from the side I could see it was a little too easy for England . Root had a dream start as skipper, a point emphasised by Alastair Cook , the former captain.
  • Australia to mandate police access to encrypted messages

    Australia to mandate police access to encrypted messages

    Prime Minister Malcolm Turnbull said the new laws were needed to target terrorists, paedophile rings and organised crime gangs. The proposed legislative package is expected to be put to Parliament by the end of the year.
    Thomas, Okoronkwo named to Nagurski watch list

    Thomas, Okoronkwo named to Nagurski watch list

    The safety and linebacker, along with their Penn State teammates, open the 2017 season on September 2 against Akron. Select a Tier 1 ticket for any three home games for $180 or a Tier 2 ticket to any three home games for just $150.
    Alfred Angelo Bridal stores closing Thursday

    Alfred Angelo Bridal stores closing Thursday

    Anxious brides took to social media Thursday asking if the Florida-based retailer would be closing permanently. Cassidy said the situation is a little complicated because she has already paid a $1,200 deposit.


Most liked

StarTimes commiserates with Kumasi Asante Kotoko
The club, fourth in this season's Ghana Premier League, are record 23-time winners of the competition, last triumphing in 2014. However, some of those involved have been transported for treatment at the Holy Family Hospital in Nkawkaw.

SoundCloud rejects article which claims it's running out of cash
For those of you looking to find new music to stay ahead of the game, you're just going to have to settle for the radio. When TechCrunch asked about the morale of the team, an anonymous employee of SoundCloud said, "It's pretty shitty".

Dota 2 International Prize Pool Exceeds $20 Million
Past year the DOTA 2 International Championships set a record for the largest ever esports prize pool of $20,770,460. We have a new record for the biggest esports prize pool ever - and it's gone to the previous record holder Dota 2 .

Big price hike coming for seniors' National Parks lifetime passes
US citizens and permanent residents who are 62 years or older can purchase the lifetime pass for $10 until August 28. The increased fees for senior passes will support maintenance projects at parks and other federal recreation areas.

Trending Stock in Review: Whiting Petroleum Corp (NYSE:WLL)
The $0.77 per share quarterly dividend will be payable on October 16, 2017, to stockholders of record as of September 11, 2017. Burgher bought 1,700 shares of Occidental Petroleum Corporation stock in a transaction that occurred on Wednesday, June 7th.

Kiwi golfer Lydia Ko makes promising start to US Women's Open
Ko bogeyed the last after hitting a wedge from the fringe well past the hole, rather than putting through the frog's hair. After bogeys on holes 4 and 5, Wagner thought she hit a flawless 8-iron into the 7th hole, a 154-yard par 3.

Spider-Man: Homecoming 4K Collector's Edition set and Blu-ray revealed
Sparks flew (and eventually died out) for both Tobey Maguire and Kirsten Dunst , and Andrew Garfield and Emma Stone . And the internet made itself pretty clear all the way back in 2010 that they wanted #DonaldGlover4Spiderman.

Who Will Die in Season 7?
Adding a splash of colour to the dressed-down ensemble, she rocked a monochrome inscribed red hoodie and coordinating rucksack. In the interview with The Sunday Times , Sophie spoke about her romance with musician Joe Jonas .

Greenberg close to $500 million purchase of Carolina Hurricanes
The 74-year-old owner told ESPN in January that he was willing to sell the team , depending on what offers might come his way. Allen & Co., which has been overseeing the sale process for the team, didn't immediately return phone calls seeking comment.

Drivers Get Slimed by Eels in Oregon
The transfer of weight caused one of the containers to come off the truck bed and fly across the highway into the southbound lane. Meanwhile, the Depoe Bay Fire Department posted a video of workers using a bulldozer to clear the eels from Highway 101.

Japanese, US, S Korean Military Hold Talks on North's Nuclear, Missile Programs
As per the data of General Administration of Customs of China, the country exported more than $ 3,00,000 in May this year. First, the development of missile and second developing the fuel that may carry such weapons to a long distance.

Andy Murray Unamused By Reporter's Mistake On Sam Querrey Question
Hopefully, I'll come through the other side of it a better player, a better athlete". "I just try to block it out". I gave it everything I had and I'm proud about that.

Morgan Stanley Reiterates Equal Weight Rating for Fastenal Company
Current levels places Fastenal Company (NASDAQ:FAST)'s stock about -8.19% from the 50-day high and 2.19% away from the 50-day low. The stock of Fastenal Company (NASDAQ: FAST ) has "Overweight" rating given on Thursday, January 5 by KeyBanc Capital Markets.

Moto Z2 Force Announcement Teased by Motorola for July Event
Listed under the code name "XT1789", the Moto X4 would have a 5-inch screen with a 1920 x 1080 pixel resolution. The Moto E4 bears an 8MP rear camera with f/2.2 aperture and a LED flash, alongside a 5MP front-facing camera .

Toronto judge turns down request to freeze Omar Khadr's assets
Khadr in a 2002 battle in Afghanistan, and Layne Morris, another solider who was partially blinded in the firefight. As he was being held at the notorious prison, Canadian officials visited Khadr and interrogated him.