Advertising
Advertising
twitter
youtube
facebook
instagram
linkedin
Advertising

Asian markets follow Wall Street higher

Asian markets follow Wall Street higher| FXMAG.COM
Aa
Share
facebook
twitter
linkedin

Asian equities rally with Wall Street

Wall Street had an impressive session on Friday, rallying powerfully once again as markets priced in a US recession, meaning US interest rate hikes would end sooner than expected. That perverse logic saw the S&P 500 jump 3.07%, the Nasdaq rally 3.34% higher, while the Dow Jones gained 2.70%. Much the same pattern is playing out in US futures in Asia. S&P 500 have added 0.35%, Nasdaq futures have jumped by 0.85%, while Dow futures have gained 0.10% as the FOMO gnomes of Wall Street go hard on growth over value.

 

That sees Asian stock markets coat-tailing New York higher today. The Nikkei 225 has risen by 1.20%, with South Korea’s Kospi rallying by 1.80%. Mainland China’s Shanghai Composite is 0.90% higher, and the CSI 300 has risen by 1.25%. China stocks benefiting additionally from a large CNY 90 billion liquidity injection ahead of the quarter-end vis the 7-day reverse repo. The ever-effervescent Hong Kong market has seen the Hang Seng making an outsized 3.30% gain today.

 

Advertising

Regionally, Singapore is up by 0.70%, the tech-centric Taipei by 1.90%, Kuala Lumpur by 0.25%, and Jakarta has fallen by 0.75%. Bangkok has added 0.75%, and Manila is down slightly by 0.15%. Australian markets are slavishly following the S&P 500 and Nasdaq as well, very much their want of late. The All Ordinaries have rallied by 1.90%, with the ASX 200 rallying by 1.95%.

 

The G-7 meeting probably has potentially a much greater bearing on Europe right now than other areas, thanks to the Ukraine/Russia war. European markets piled into the buy-side with the US on Friday after a very mixed week, and with the G-7 springing no surprises thus far, we can expect a positive opening from European markets this afternoon.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Asian markets follow Wall Street higher - MarketPulseMarketPulse


Jeffrey Halley

Jeffrey Halley

With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley is OANDA’s senior market analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes. He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays. A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV, Channel News Asia as well as in leading print publications including the New York Times and The Wall Street Journal, among others. He was born in New Zealand and holds an MBA from the Cass Business School.


Topics

Advertising
Advertising