Precise Investors

Monday, January 30, 2023
Stocks & Shares

Asian stocks buoyed by gains on Wall Street

Wall Street

Several markets were closed, including Hong Kong, Sydney and Singapore, but Shanghai, Tokyo, and Seoul saw cautious gains

Asian stocks started on a positive note Monday, buoyed by gains on Wall Street last week although spiralling Covid-19 cases in China weighed on sentiment in thin holiday trade.

Several markets were closed, including Hong Kong, Sydney and Singapore, but Shanghai, Tokyo, and Seoul saw cautious gains.

A set of fresh data last week indicated a slowing of US inflation, although many investors kept their guard high, predicting sluggish overall growth next year.

However, the personal consumption expenditures price index, eyed closely by the Federal Reserve as a gauge of inflation, increased 0.1 percent from October to November and 5.5 percent from November last year.

But analysts expected caution to rule the day until more concrete signs emerge that inflation in under control.

While inflation may be receding, investors will likely remain sufficiently sceptical until we see a more sustained and pronounced deceleration, Stephen Innes of SPI Asset Management said in a commentary.

The final week of key US economic releases for the year contained more lumps of coal than holiday presents in the stocking, hinting that it is dead slow ahead as all signs point to slower growth next year, he said.

China’s surging Covid-19 cases also pose a concern but with the country’s National Health Commission saying on Sunday that it would no longer publish daily case numbers, assessing the impact of the pandemic on the world’s second-largest economy would be even more complicated for investors.

Oil prices had surged more than two percent on supply concerns Friday after a senior official said Russia could cut up to seven percent of its production next year but trade was suspended for a holiday on Monday.


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