Markets Teeter as Powell's Speech Looms, Chinese Equities Surpass Milestone
Emerging market assets experienced a tense trading day amid anticipation of Federal Reserve Chair Jerome Powell's speech. Chinese equities defied the trend, spurred by technology sector upgrades, while Polish equities and the forint faced declines due to domestic policy moves and geopolitical tensions.
Amidst anticipation of Federal Reserve Chair Jerome Powell's address, emerging market assets remained largely stable on Friday, with Chinese equities leading an unexpected surge.
The blue-chip CSI 300 Index advanced by 2.1%, reaching a peak unseen in over ten months, while the Shanghai Composite Index soared by 1.4%, marking a ten-year high fueled by technology stocks following DeepSeek's V3 AI upgrade. Meanwhile, conflicting reports of Nvidia pausing Foxconn's H20 AI chip work provided mixed signals to investors.
Elsewhere, Polish equities faced significant downturns amid government announcements of increased corporate income tax for banks, while geopolitical tensions with Ukraine affected Russian energy infrastructure, influencing market fluctuations in Central Europe.
(With inputs from agencies.)
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