Australia: Shares rebound on Fed Governor’s dovish comments


Australian shares rebounded on Tuesday, boosted by materials and healthcare, after Federal Reserve Board Governor Lael Brainard’s comments on the US economy strengthened the view that the central bank would leave interest rates unchanged next week.

Ms Brainard said she wanted to see a stronger trend in US consumer spending and evidence of rising inflation before the Fed raises rates, reducing prospects of a near-term interest rate hike.

The dollar was nursing losses against its peers after Brainard reiterated her dovish views.

“The rally that we saw in US trading after those (Brainard’s) comments is one of the reasons why we are seeing such a positive performance today across the Asia-Pacific region,” said Michael McCarthy, chief market strategist with CMC Markets.

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