Asian Stocks Rally on US-China Optimism and Chip Rally
TL;DR Summary
Asian stocks rose as President Joe Biden expressed optimism for improved US-China relations, with Hong Kong's Hang Seng Index leading gains. Meanwhile, US and European equity futures were steady as investors awaited progress on debt-limit talks. Traders are also focused on the path for the Fed's benchmark rate, with bets for a hike in June trimmed to 25% as Jerome Powell signaled a pause. Cryptocurrencies saw mixed movement, with Bitcoin falling slightly while Ether remained stable.
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