Asian Shares Rise As Fed Fights Inflation

RTTNews | 937 दिनों पहले
Asian Shares Rise As Fed Fights Inflation

(RTTNews) - Asian stocks advanced on Thursday after the U.S. Federal Reserve hiked rates by 75 basis points - the biggest increase since 1994 - and left the door open for another rate increase of that magnitude in July to lower inflation, which is at a 40-year high.

Longer-dated U.S. government bond yields fell and the dollar retreated from a 20-year high after Fed projections showed rising unemployment and economic growth slowing to a below-trend rate of 1.7 percent. Fed officials anticipate being able to cut interest rates in 2024.

China's Shanghai Composite index was up 0.2 percent at 3,310 as investors remained hopeful of a smooth demand recovery post-lockdowns. Hong Kong's Hang Seng index was marginally lower, giving up early gains.

Japan's Nikkei index was up 1.4 percent as attention shifted to the Bank of Japan policy meeting Friday, where the central bank is expected to stick with all its main policy settings.

Japan posted its biggest trade deficit in more than eight years for May as high commodity prices and declines in the yen swelled imports, data showed earlier today.

Seoul shares rallied, with the Kospi average climbing 1.4 percent to 2,483. Most large-cap shares traded higher, with tech and bio shares leading the surge.

Australian markets were moving higher after data showed the nation's jobless rate remained steady at 3.9 percent last month with a better-than-expected 60,600 jobs added to the economy.

The benchmark S&P/ASX 200 rose half a percent to 6,633, with property and tech stocks pacing the gainers. New Zealand's benchmark S&P NZX-50 index was up 0.9 percent at 10,731.

U.S. stocks rallied overnight as the Fed intensified its drive to tame high inflation through interest-rate increases and balance sheet reduction.

After raising the target interest rate by 75 basis points - the biggest increase since 1994 - and cutting growth projection, the Fed suggested that "unusually large" moves of that scale likely wouldn't become common.

Fed Chair Jerome Powell said he expected either a 0.50 percentage point or 0.75 percentage point increase at the Fed's July meeting.

The S&P 500 added 1.5 percent to snap a five-day losing streak despite weak retail sales, New York factory activity and housing data. The Dow gained 1 percent and the tech-heavy Nasdaq Composite climbed 2.5 percent.

European stocks snapped their six-day losing streak on Wednesday as the European Central Bank proposed to create a new tool aimed at shielding weaker eurozone economies from higher borrowing costs.

The pan European Stoxx 600 jumped 1.4 percent. The German DAX and France's CAC 40 index both climbed around 1.4 percent while the U.K.'s FTSE 100 advanced 1.2 percent.

read more
Sensex, Nifty Set For Muted Start As Dollar And Yields Climb

Sensex, Nifty Set For Muted Start As Dollar And Yields Climb

Indian shares look set to open on a cautious note Wednesday after initial estimates from the government showed the Indian economy is set to grow at the slowest pace in 4 years in the fiscal year 2024-25.
RTTNews | 6घंटे 2 मिनट पहले
Thai Stocks Likely To Remain Rangebound

Thai Stocks Likely To Remain Rangebound

The Thai stock market has finished higher in two of three trading days since the end of the two-day slide in which it had slumped more than 20 points or 1.5 percent. The Stock Exchange of Thailand now sits just above the 1,390-point plateau although it may not be able to hold those gains.
RTTNews | 6घंटे 49 मिनट पहले
Lower Open Anticipated For Indonesia Stock Market

Lower Open Anticipated For Indonesia Stock Market

The Indonesia stock market ticked higher again on Tuesday, one day after ending the three-day winning streak in which it had advanced almost 130 points or 1.8 percent. The Jakarta Composite Index now sits just above the 7,080-point plateau although it's expected to open under pressure on Wednesday.
RTTNews | 7घंटे 19 मिनट पहले
Hong Kong Shares May Extend Losing Streak

Hong Kong Shares May Extend Losing Streak

The Hong Kong stock market has finished lower in two straight sessions, retreating more than 310 points or 1.7 percent along the way. The Hang Seng Index now sits just beneath the 19,450-point plateau and it may extend its losses again on Wednesday.
RTTNews | 7घंटे 34 मिनट पहले
Lower Open Anticipated For China Stock Market

Lower Open Anticipated For China Stock Market

The China stock market on Tuesday snapped the four-day losing streak in which it had plummeted more than 200 points or 6 percent. The Shanghai Composite Index now sits just beneath the 3,230-point plateau although it's expected to see renewed selling pressure on Wednesday.
RTTNews | 7घंटे 49 मिनट पहले
Rally May Stall For Taiwan Stock Market

Rally May Stall For Taiwan Stock Market

The Taiwan stock market has climbed higher in three straight sessions, accelerating more than 800 points or 3.4 percent along the way. The Taiwan Stock Exchange now sits just above the 23,650-point plateau although it may be stuck in neutral on Wednesday.
RTTNews | 8घंटे 19 मिनट पहले
Singapore Bourse Due For Consolidation

Singapore Bourse Due For Consolidation

The Singapore stock market has moved higher in four straight sessions, gathering more than 40 points or 1 percent along the way. The Straits Tines Index now rests just beneath the 3,830-point plateau although it may run out of steam on Wednesday.
RTTNews | 8घंटे 46 मिनट पहले