Business

Asian shares rise despite rising number of COVID cases in China According to Reuters


© Reuters. FILE PHOTO: An investor looks at a stock information board at a brokerage office in Beijing, China October 8, 2018. REUTERS / Jason Lee

By Scott Murdoch

SYDNEY (Reuters) – Asian share markets were mostly in positive territory on Wednesday although rising COVID-19 cases in mainland China left investors uncertain about the extent of the new outbreak. could slow the reopening of the world’s second-largest economy.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3%, after US stocks ended the previous session with gains. The index is up 12% this month.

Australian shares rose 0.7 per cent, with most of the profits coming from mining and resource giants driven by higher oil prices. The Japanese stock market is closed for the national holiday.

New Zealand’s central bank raised interest rates by 75 basis points – the biggest move ever – on Wednesday to a near 14-year high of 4.25% and multiple rate hikes More is happening as the country struggles to contain high inflation.

Hong Kong was up 0.6% in early trade while China’s CSI300 Index opened flat.

China on Wednesday reported 29,157 new COVID-19 infections for November 22, according to the National Health Commission, compared with 28,127 new infections a day earlier. Case numbers in Beijing and Shanghai are steadily increasing, prompting authorities to close some facilities.

“The biggest story for investors in Asia is still China’s reopening,” said Suresh Tantia, senior investment strategist at Credit Suisse in Singapore.

“We’ve seen the Chinese market go up 20% but those expectations are being reversed, we think the reopening process will be slower and won’t be done in a hurry. which means a lot of investors are cutting back on exposure, cutting losses or booking any gains they may have made from China.”

Meanwhile, the release of the minutes of the US Federal Reserve’s November policy meeting late on Wednesday by the US Federal Reserve is being eagerly awaited by investors as they seek insight into how officials look at economic conditions.

The index rose 1.2% to 34,098.1 on Tuesday, up 1.4% to 4,003.58 and up 1.4% to 11,174.41. Energy stocks led the gains, boosted by rising oil prices.

Yields on the benchmark rose to 3.7578% from a US close of 3.758% on Tuesday.

The two-year yield, which rose in line with traders’ expectations of higher Fed funds rates, touched 4.5227% from a US close of 4.517%.

The dollar fell 0.02% against the yen to 141.21.

The euro was up 0.0x?% on the day at $1.0303, after gaining 4.26% in a month, while copper, which tracks the greenback against a basket of partners’ currencies other major trade, fell to 107.14.

Commonwealth Bank analyst Tobin Gorey wrote on Wednesday: “The US dollar has lost some gains recently (due to) central bank consensus on how much more interest rates will rise. is being disturbed”.

“Smaller or less rate hikes are probably not cause for optimism, but cause for less pessimism.”

Oil remained higher on Wednesday after top exporter Saudi Arabia said OPEC+ would maintain production cuts and may take further steps to balance the market.

In Asian trade, it rose 0.3% to $81.15 a barrel. increased to 88.35 USD/barrel.

Gold is slightly lower. was trading at $1740.09/ounce. [GOL/]

While the crash of the FTX exchange continues to rock the crypto markets, the price was 0.33% higher during the Asian trading hours to $16,184.



Source by [author_name]

news7h

News7h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button