Asian markets extend rally on US rate hopes

HONG KONG: Asian investors joined their Wall Street counterparts in an equity-buying spree on Wednesday as more data pointing to weakness in the United States economy further fanned hopes that the Federal Reserve (Fed) could temper its rate hike campaign.

The much-needed dose of optimism has also put pressure on the dollar, pushing it down against most of its peers and adding to the upward march in oil prices fueled by expectations that the Organization of the Petroleum Exporting Countries (OPEC) would announce a massive output cut later in the day.