Asian markets mostly rise as investors watch for signs of China relaxing COVID restrictions

- Advertisement -

TOKYO – Asian shares rose on Monday as investors weighed in on uncertainties such as the US midterm election and China’s possible moves to ease coronavirus restrictions.

- Advertisement -

China reported a reduction in its trade in October as global demand weakened and anti-virus controls weighed on domestic consumer spending. Exports from a year ago declined 0.3%, down from September’s growth of 5.7%, the customs agency reported on Monday. Imports fell 0.7%, compared to a 0.3% expansion in the previous month.

- Advertisement -

Speculation about a possible relaxation in China’s zero-covid strategy has had a huge impact on the markets. Hong Kong’s Hang Seng Index HSI on Monday,
3.4% and the Shanghai Composite Index SHCMP,
climbed 0.5%.

But there is no official confirmation of any major changes.

- Advertisement -

“Over the weekend, Beijing has dashed hopes of a China reopening in the horizon, by re-emphasizing zero-COVID policies. And it may take fresh precautions,” said Tan Boon Heung at Mizuho Bank in Singapore.

Japan’s benchmark Nikkei 225 NIK,
jumped 1.3% in morning trade. Australia’s S&P/ASX 200 XJO,
0.4% and South Korea’s Kospi 180721,
Received 1%. Shares also rose in Taiwan Y9999,
Singapore STI
and Indonesia JAKIDX,

In the US, Tuesday’s election will determine control of Congress and the dominant regime. History shows that the party in power could suffer significant losses in the mid-term, and decades of high inflation has become a pressing issue for Democrats.

Analysts say regional markets may adopt a wait-and-see approach ahead of the US mid-term polls.

Wall Street shares ended last week with a rally but only after several yo-yos. Market watchers had the data to digest the US jobs market, looking at what this could mean for interest rates and the odds of a recession.

s&p 500 spx,
It posted its first loss in the past three weeks, despite gaining 1.4% on Friday to reach 3,770.55. Dow DJIA,
rose 1.3% to 32,403.22, and Nasdaq comp,
climbed 1.3% to 10,475.25. Both also ended with losses for the week.

The unemployment rate rose higher in October, employers added fewer jobs than they did a month earlier, and workers’ wage benefits slowed a touch. The recession was still more modest than economists expected. And so the Fed is expected Keep hiking rates.

Fed Chair Jerome Powell cited the still-hot jobs market as one reason that the central bank may eventually have to raise rates higher than before. Such moves can lead to a slowdown.

The yield on the two-year Treasury fell to 4.68% from 4.72% late Thursday. 10-year yield, which helps dictate rates for mortgages and other loans, increased from 4.15% to 4.16%.

Benchmark US crude CLZ22 in energy trading,
fell $1.29 to $91.32 a barrel. Brent Crude BRNF23,
The international level fell by $ 1.13 to $ 97.44 a barrel.

In currency trading, US Dollar USDJPY,
increased from 146.65 yen to 147.22 Japanese yen.

Credit: /

- Advertisement -

Recent Articles

Related Stories