Stock Market

Asian stocks go up as some worries about a recession fade.

Asia-On Friday morning, stocks in the Pacific were up. This followed a rally in the U.S., which was caused by hopes that policymakers could deal with inflation without causing a recession.

The Nikkei 225 had risen 1.37 percent (0.145 GMT) by 8:45 PM ET.

The Kospi in South Korea went up 1.24 percent.

In Australia, the ASX 200 rose 0.74 percent.

Hong Kong’s Hang Seng Index was up 0.86 percent .

The Shanghai Composite in China went up by 0.31 percent, and the Shenzhen Component went up by 0.12 percent.

The governors of the U.S. Federal Reserve, Christopher Waller and James Bullard, and the president of the St. Louis Fed, James Bullard, both agreed that prices need to go down, but they said that the U.S. can still avoid a recession.

China could give a stimulus of 220 billion dollars, or 1.5 trillion yuan, to boost growth. This would add to market hopes for an economic recovery.

In a meeting with advisers later in the day, U.S. President Joe Biden will talk about possible U.S. tariffs on Chinese goods. This will make the market feel better.

The market is trying to figure out if a soft landing is possible.

Chief investment strategist at BMO Capital Markets Corp. Brian Belski told Bloomberg, “I call this time a recession obsession.”

“Institutional investors are not set up for any kind of move to the upside. Because of this, the market moves quickly on days like today and especially in the last few days, which is called a “short squeeze.” We stay upbeat, and we think most people are way too down. “

Investors are now waiting for the U.S. jobs report, which will be released later in the day, to find out more about the Fed’s plans.

Boris Johnson also said he would step down as prime minister of the UK, which would end the political chaos there.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button