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Asian stocks follow Wall Street higher on bank news

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Posted at 10:59 PM, Jun 24, 2020
and last updated 2020-06-25 23:28:06-04

BEIJING (AP) — Asian stock markets have followed Wall Street higher after U.S. regulators removed some limits on the ability of banks to make investments. Benchmarks in Tokyo, Sydney and Southeast Asia advanced on Friday while Hong Kong declined. Chinese markets were closed for a holiday. Investors were encouraged by the U.S. decision to expand the ability of banks to pursue a wider variety of investments to help shore up slim profits amid low interest rates. Meanwhile, the United States reported its economy shrank by 5% in the latest quarter, and forecasters expect worse in the present period.