Global markets advance after Fed decision

Global markets advanced but didn’t price in the euphoric reaction to Federal Reserve Chair Jerome Powell’s press conference that Wall Street did. In Asia, the Nikkei 225 NIK, +0.36% rose 0.4% and the Kospi Composite added 0.8%, while the Hang Seng HSI, -0.23% slipped 0.1% in late trade after the Hong Kong Monetary Authority matched the Fed’s 75 basis point hike. The Euro Stoxx 50 SX5E, +0.03% rose 0.5% in early trade, with automakers Stellantis STLA, +3.23% and Volkswagen VOW3, +2.60% each gaining after their latest results, while Airbus AIR, -5.76% fell 5% after cutting production guidance.