Asian Stocks Rise, More Chinese Economic Support Pledges Boost Sentiment By Investing.com
By Gina Lee
Investing.com – Asia-Pacific stocks were mostly up Thursday morning. US stock futures also rose and investor sentiment improved as .
Japan gained 0.62% as of 22:26 ET (0226 GMT), rising 0.3% month-on-month and up 0.9% year-on-year. another in March 2022.
That of South Korea increased by 0.45%.
In Australia, the rise was 0.92%, as the country also released figures earlier in the day.
That of Hong Kong gained 0.51%.
China rose 0.49% while falling 0.95%.
In the United States, contracts for the increased by 1% and those for the also increased. Yields on Treasuries fell as investors also balanced the risks of high inflation and potentially aggressive policy tightening from the US Federal Reserve.
Chinese stocks traded in the United States also rose to their highest level since early April 2022, after China’s State Council pledged at its last meeting to stabilize employment. The meeting, chaired by Premier Li Keqiang, said stronger policy measures should be taken to boost employment, according to CCTV. Li added that stabilizing employment is a “key support” for keeping economic growth within an appropriate range.
The pledge follows that of the Central Committee for Financial and Economic Affairs to accelerate infrastructure construction at Tuesday’s meeting chaired by President Xi Jinping.
Market volatility persists amid China’s struggles with its latest COVID-19 outbreak, the ongoing war in Ukraine precipitated by the Russian invasion on Feb. 24, and growing concerns that Fed tightening could lead to a recession.
“The uncertainty factor is one of the highest we’ve seen in recent years,” Kate Moore, head of thematic strategy for BlackRock’s global allocation team, told Bloomberg.
“There are so many cross-currents. And in this context, it is difficult to see volatility decreasing dramatically.
However, there are hopes that strong US corporate earnings could improve investor confidence. Meta shares jumped 18% in extended trading as Facebook’s main social network added more users than expected.
Earnings from companies such as Amazon.com Inc. (NASDAQ:) and Apple Inc. (NASDAQ:), as well as US data, including that for the first quarter of 2022, are due later today.
In Asia-Pacific, the monetary policy will also be announced later in the day. The central bank is expected to keep key monetary metrics steady, though the yen’s rapid weakening to two-decade lows fuels market speculation about a possible policy or messaging adjustment.
The European Central Bank also publishes its economic bulletin later in the day.
On the commodity side, oil came close to the $102 mark. The black liquid is struggling to find its way amid Germany’s support for a phased ban over Russian crude and fuel demand concerns over China’s COVID-19 lockdowns.