Address

Precise Investors

Wednesday, September 28, 2022
Stocks & Shares

Asian stock markets mostly higher after recent losing streak

Asian stock markets

The markets also reacted positively to news that the U.S. Senate confirmed President Joe Biden’s appointment of Jerome Powell to a second term as Federal Reserve Chair

Asian stock markets are mostly higher on Friday after the recent losing streak, following the mixed cues from Wall Street overnight, as traders continued to pick up stocks at a bargain and reacted to the prospects of sharper and faster rate hikes as well as tighter monetary policies by several central banks to reign in the highest inflation in decades. Asian markets ended mostly lower on Thursday.

The markets also reacted positively to news that the U.S. Senate confirmed President Joe Biden’s appointment of Jerome Powell to a second term as Federal Reserve Chair.

Meanwhile, traders have also recently expressed concerns that more aggressive moves by the Fed and other central banks could lead to a period of stagflation or an outright recession. The Fed has resolved to continue hiking rates by 50 basis points for at least the next two meetings.

Concerns about the prolonged Covid-19 lockdowns in China and ongoing war in Ukraine remain.

The Australian stock market is sharply higher on Friday, recouping the losses in the previous session, with the benchmark S&P/ASX 200 moving above the 7,000 mark, following the mixed cues from Wall Street overnight, with strength in energy and technology stocks, even as rising worries about high inflation and tightening monetary policies remain.

The benchmark S&P/ASX 200 Index is gaining 105.50 points or 1.52 percent to 7,046.50, after touching a high of 7,051.70 earlier. The broader All Ordinaries Index is up 112.90 points or 1.58 percent to 7,279.50. Australian markets ended sharply lower on Thursday.

The Japanese stock market is sharply higher on Friday, recouping the losses in the previous session, with the benchmark Nikkei 225 adding almost 700 points to be above the 26,400 level, following the mixed cues from Wall Street overnight, on news that the Japanese government will implement new policies to boost growth, even as rising worries about high inflation and tightening monetary policies remain.

The benchmark Nikkei 225 Index closed the morning session at 26,421.84, up 673.12 points or 2.61 percent, after touching a high of 26,430.36 earlier. Japanese shares closed sharply lower on Thursday.

Elsewhere in Asia, Hong Kong, South Korea, Singapore and Taiwan are higher by between 1.2 to 1.8 percent each, while China and Malaysia are up 0.4 and 0.5 percent, respectively. Indonesia is bucking the trend and is up 0.5 percent. New Zealand is relatively flat.

Important:

The articles are for information purposes only and Precise Investors shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Precise Investors does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply