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Asia Markets: Asian markets rise as odds of Fed rate hike wane

Asian shares rose early Monday as the chances of a U.S. interest-rate increase diminished, after the nation’s economic growth for the second quarter came in below expectations.

The odds of a September U.S. interest rate rise dropped to 12% from 18%, Fed Funds futures data showed, after the U.S. economy grew at just 1.2% in the second quarter from a year earlier, well below the 2.6% growth economists polled by The Wall Street Journal had expected.

The resulting weakness in the U.S. dollar pushed Asian currencies higher, with the Japanese yen adding to its gains over the weekend.

Australia’s S&P ASX/200 added 0.8% XJO, +0.45% , while South Korea’s Kospi SEU, +0.67% was up 0.7%, Hong Kong’s Hang Seng Index HSI, +1.41% rebounded 1.4% and Taiwan’s Taiex Y9999, +1.07% rose 0.9%.

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