Hang Seng rebounds 2%; Australia inflation hits highest in 32 years

Shoppers walk through the Pitt Street Mall on June 7, 2022 in Sydney, Australia.

Brendon Thorne | Getty Images News | Getty Images

Asia-Pacific stocks rose on Wednesday as sentiment improved overnight against a potentially less aggressive Fed.

that of Hong Kong Hang Seng Index tipped at the open before rising 2%, after three consecutive negative sessions. The Hang Seng Tech index rose more than 3%. In mainland China, the Shanghai Composite added about 1% and the Shenzhen Component gained 1.661%.

Australia’s annual consumer price index hit its highest level since December 1990. S&P/ASX 200 rose 0.25% ahead of the report before giving up some gains to trade 0.2% higher. The Australian dollar last stood at $0.6388.

The Nikki 225 in Japan rose 1.17% and the Topix gained 0.93%. South Korea Kospi gained 0.94% and the Kosdaq rose 0.15%. MSCI’s broadest Asia Pacific ex-Japan equity index rose 0.94%.

The Indian market is closed for holidays. In company news, Standard Chartered, Pinganand SK Hynix are among the companies expected to report results on Wednesday.

Night in the United States, major indexes rose for a third straight session as bond yields slipped. The Dow Jones Industrial Average closed up 337.12 points, or about 1.1%, to end at 31,836.74. The S&P 500 rose 1.6%, closing at 3,859.11. The Nasdaq Composite jumped 2.2%, landing at 11,199.12.

“Markets rebounded overnight on better earnings reports and speculation that the monetary policy tightening cycle may be coming to an end,” analysts wrote in a note from ANZ Research, adding that falling consumer confidence and house prices indicate that tightening policies could start to reduce demand. .

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