Equity News - Asian Stocks Bounce Six Weeks Low

Asian stocks bounced from six-week lows on Thursday, spurred by Federal Reserve Vice Chair Janet Yellen's dovish comments which suggested the U.S. economy could count on stimulus support for a longer period than markets anticipate. The comments sent U.S. stocks surging and supported bond prices, while the dollar came under pressure, although it narrowed its looses during the Asian session. 

The U.S. stock futures hit a record high following Yellen's comments, which came after regular U.S. trading hours on Wednesday. In Asia, Japan's Nikkei jumped 1.4 percent and hit three-week high, also helped by data showing Japan's economic growth in July-September beat market expectations. The Indonesian rupiah gained 0.6 percent to 11,535 per dollar, recovering from 4 1/2-year low set on Wednesday. The euro last held at $1.3476, after having risen to a high of $1.3499 earlier. 

Prospects of the Fed staying dovish for a longer period supported commodity and energy prices. Spot gold rose 0.2 percent to $1,282 per ounce while silver rose 0.7 percent to $20.73. Copper also gained 0.5 percent though the rebound came after it had tumbled to a three-month low in heavy volume in the previous day in a possible sign of fragile global growth. 

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