Thursday Oct 6, 2022
Thursday Oct 6, 2022

Asian shares mostly higher after rally on Wall Street


Nepalnews
2022 Jul 29, 15:46,
As traders work and watch, a news conference held by Federal Reserve Chair Jerome Powell is displayed at the New York Stock Exchange in New York, Wednesday, July 27, 2022. Stocks on Wall Street are solidly higher in afternoon trading Wednesday after the Federal Reserve raised its key interest rate by a widely expected three-quarters of a point as the central bank ratchets up its campaign to quell surging inflation. Photo/AP

Asian shares were mostly higher on Friday following a broad rally on Wall Street, but Hong Kong’s benchmark sank more than 2%.

Investors appear to have grown more convinced that the Federal Reserve may temper its aggressive interest rate hikes aimed at taming inflation after the Commerce Department reported the U.S. economy contracted at a 0.9% annual pace in the last quarter. That followed a 1.6% year-on-year drop in the first quarter.

Investors were cautiously eyeing regional tensions over China’s stance on Taiwan after President Joe Biden and China’s Xi Jinping spoke for more than two hours on Thursday. China left no doubt it blames the U.S. for a deteriorating relationship, but the White House said call’s aim was to “responsibly manage our differences and work together where our interests align.”

Hong Kong’s Hang Seng index dropped 2.3% to 20,148.90 and the Shanghai Composite index declined 0.7% to 3,258.86 after China’s leaders acknowledged the struggling economy won’t hit its official 5.5% growth target this year.

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Asian shares Wall Street Investors inflation US economy Joe Biden White House Hong Kong Shanghai Composite index
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