Global shares experienced a significant uplift today, with Wall Street on track for its best week in nearly a year. This surge was primarily driven by the U.S. Federal Reserve's signal of no further restrictions on Wall Street, which sparked investor optimism and helped to mitigate fears of additional market volatility.
In Asia, markets responded positively to the Federal Reserve's announcement. Japan's Nikkei 225 finished at 31,949.89 and South Korea’s Kospi escalated to 2,343.12. A currency trader at Seoul's KEB Hana Bank headquarters noted the surge in Asian markets. Similarly, Australia's S&P/ASX 200 reported a jump of 0.9%.
European markets also saw gains following the news from the U.S. France's CAC 40 rose to 7,018.50, Germany's DAX climbed to 15,084.21, and Britain's FTSE 100 increased to 7,417.45. Futures for Dow Jones Industrial Average and S&P 500 also witnessed gains.
In other developments, Japanese Prime Minister Fumio Kishida announced a $113 billion stimulus package today in response to rising inflation and declining public support. The package features tax breaks for individuals and companies along with subsidies for energy costs.
These events were reported by Stan Choe, an AP Business Writer who monitors the foreign exchange rate between the U.S. dollar and the South Korean won among other economic indicators.
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