Asian stock markets rose on Thursday as investors hoped for a rate cut from the Federal Reserve, following Wall Street’s surge. The Dow Jones Industrial Average jumped 2.1% and the S&P 500 gained 2.1%, while the Nasdaq Composite advanced 2.7%. In Asia, Japan’s Nikkei rose 0.6%, Australia’s S&P/ASX 200 climbed 0.9%, and South Korea’s Kospi gained 0.4%. The SGX Nifty indicated a flat opening for Indian markets. US Federal Reserve Chairman Jerome Powell’s testimony on the economy and monetary policy will be closely watched. Stocks may see volatility ahead of the Union Budget.

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