Asian stock market in place, COVID in China raises concerns
2022.11.23 02:10
Asian stock market in place, COVID in China raises concerns
Budrigannews.com – On Wednesday, most Asian shares rose, following Wall Street’s overnight recovery as markets awaited more clues about U.S. monetary policy. However, gains were limited by rising COVID-19 cases in China because traders feared more disruptions.Due to the fact that Japanese markets were closed for the holiday, trading volumes were somewhat limited in the region.After falling for the previous five sessions, Hong Kong’s index rose 1%, making it the best performer in Asia.The and the indexes saw slight gains in Chinese stocks, rising 0.1 percent and 0.3 percent, respectively.
As the country battles a record-high rise in daily infections, China implemented new restrictions in several major cities, including Beijing and Shanghai.The second-largest economy’s growth is likely to slow in the coming months, according to this and October’s weak economic data.
Recent optimism that Beijing will relax its strict zero-COVID policy due to growing public discontent was largely offset by a resurgence in COVID-19 cases.BYD Co. Ltd. shares from Hong Kong (HK:),the largest manufacturer of electric vehicles in the world lost 1.5% following Warren Buffet’s Berkshire Hathaway Inc.further up the company.
In December, a slew of officials from the Federal Reserve made the case for a that helped broaden Asian markets.The central bank’s plans for future rate hikes are expected to become clearer at its meeting later on Wednesday.Overnight, Wall Street indexes increased, with technology stocks leading gains on the possibility of fewer Fed rate hikes.
This year, investors discounted future earnings from the sector against an appreciating, which weighed heavily on technology stocks.Asia saw a transfer of U.S. tech stock strength, with the South Korean index rising by 0.5 percent and the Japanese index rising by a similar amount.lag behind their peers for the third session in a row as the country’s next Prime Minister remained a mystery.
The nation’s first-ever hung parliament was established following a general election that was fiercely contested over the weekend.
