Berliner Boersenzeitung - Asian markets track Wall St rally, boosted by China hopes

EUR -
AED 4.000915
AFN 76.948109
ALL 100.310571
AMD 422.34451
ANG 1.961807
AOA 950.530629
ARS 1006.627086
AUD 1.629416
AWG 1.960677
AZN 1.856075
BAM 1.956006
BBD 2.197832
BDT 127.903479
BGN 1.956006
BHD 0.410243
BIF 3135.230413
BMD 1.089265
BND 1.464254
BOB 7.521793
BRL 6.035436
BSD 1.088515
BTN 91.067997
BWP 14.740553
BYN 3.562375
BYR 21349.589973
BZD 2.194131
CAD 1.500081
CDF 3082.619763
CHF 0.968132
CLF 0.037177
CLP 1025.818108
CNY 7.919386
CNH 7.936051
COP 4407.46449
CRC 571.160193
CUC 1.089265
CUP 28.865517
CVE 110.276622
CZK 25.249707
DJF 193.810425
DKK 7.467895
DOP 64.446792
DZD 146.524442
EGP 52.520535
ERN 16.338972
ETB 62.400776
FJD 2.435274
FKP 0.839344
GBP 0.843247
GEL 2.957398
GGP 0.839344
GHS 16.79577
GIP 0.839344
GMD 73.856348
GNF 9369.987476
GTQ 8.457891
GYD 227.734
HKD 8.507975
HNL 26.959841
HRK 7.524587
HTG 143.685143
HUF 391.079161
IDR 17660.304577
ILS 3.970701
IMP 0.839344
INR 91.203978
IQD 1425.950277
IRR 45849.88252
ISK 149.850578
JEP 0.839344
JMD 170.107927
JOD 0.771966
JPY 171.542909
KES 139.874741
KGS 92.198318
KHR 4472.471341
KMF 493.165054
KPW 980.338696
KRW 1513.864339
KWD 0.333119
KYD 0.907096
KZT 518.614655
LAK 24138.543893
LBP 97478.773011
LKR 330.484829
LRD 212.432388
LSL 19.966104
LTL 3.216316
LVL 0.658886
LYD 5.249553
MAD 10.72583
MDL 19.26703
MGA 4903.516768
MKD 61.616494
MMK 3537.889563
MNT 3757.963918
MOP 8.755523
MRU 42.953527
MUR 50.8364
MVR 16.720627
MWK 1887.498918
MXN 19.676375
MYR 5.105933
MZN 69.604011
NAD 19.966104
NGN 1748.818685
NIO 40.064222
NOK 11.898153
NPR 145.708356
NZD 1.811065
OMR 0.418974
PAB 1.088515
PEN 4.07603
PGK 4.263449
PHP 63.610927
PKR 302.722903
PLN 4.289989
PYG 8230.867428
QAR 3.972819
RON 4.974023
RSD 117.062937
RUB 95.710087
RWF 1426.250308
SAR 4.085679
SBD 9.212571
SCR 15.371746
SDG 638.309539
SEK 11.633327
SGD 1.465103
SHP 0.839344
SLE 24.886763
SLL 22841.3421
SOS 622.065558
SRD 32.35992
STD 22545.58203
SVC 9.525004
SYP 2736.810877
SZL 19.970105
THB 39.607888
TJS 11.57662
TMT 3.823319
TND 3.374656
TOP 2.574046
TRY 35.976279
TTD 7.392779
TWD 35.723315
TZS 2922.708016
UAH 45.16486
UGX 4022.423912
USD 1.089265
UYU 43.864623
UZS 13716.445537
VEF 3945918.942083
VES 39.824606
VND 27588.354083
VUV 129.319736
WST 3.053872
XAF 656.026137
XAG 0.037281
XAU 0.000454
XCD 2.943793
XDR 0.821087
XOF 656.026137
XPF 119.331742
YER 272.697837
ZAR 19.909092
ZMK 9804.694175
ZMW 27.784928
ZWL 350.742819
  • RBGPF

    56.4600

    56.46

    +100%

  • GSK

    -0.0100

    39.35

    -0.03%

  • NGG

    0.8400

    61.79

    +1.36%

  • BP

    -0.2100

    35.38

    -0.59%

  • CMSC

    0.0160

    24.31

    +0.07%

  • RIO

    -0.5900

    63.78

    -0.93%

  • RYCEF

    -0.0250

    5.785

    -0.43%

  • AZN

    0.6500

    78.71

    +0.83%

  • SCS

    -0.1600

    13.54

    -1.18%

  • RELX

    -0.0700

    45.01

    -0.16%

  • BTI

    0.1600

    33.2

    +0.48%

  • VOD

    -0.0500

    9.04

    -0.55%

  • BCC

    -1.2600

    130.84

    -0.96%

  • BCE

    -0.1200

    33.21

    -0.36%

  • CMSD

    -0.0200

    24.45

    -0.08%

  • JRI

    0.1400

    12.42

    +1.13%

Asian markets track Wall St rally, boosted by China hopes
Asian markets track Wall St rally, boosted by China hopes / Photo: ISAAC LAWRENCE - AFP

Asian markets track Wall St rally, boosted by China hopes

Asian markets rallied Wednesday, building on a hearty performance on Wall Street and helped by the reopening in China, though analysts continue to warn of near-term volatility caused by surging inflation, rising interest rates and the Ukraine war.

Text size:

Equities have enjoyed some respite in recent weeks from a painful sell-off caused by central bank monetary tightening -- particularly by the Federal Reserve -- and a spike in prices that is beginning to hit consumers, raising concerns of an economic slowdown or recession.

A retreat in US Treasury yields provided a lift to New York traders, as did a jump in Chinese firms listed there fuelled by growing optimism that Beijing is to ease back on its long-running crackdown against the tech sector.

The improved mood around tech has come after a report this week said China was close to ending a probe into ride-hailing app Didi Global and restoring its main apps this week.

The Wall Street Journal also said investigations into two other firms -- Full Truck Alliance and recruitment platform Kanzhun -- were coming to a conclusion.

And on Tuesday authorities approved a second batch of 60 games in a further step to lightening their approach in the world's largest mobile entertainment market.

Citi analysts said the "announcement will also send a positive signal of policy support to the overall China internet sector".

Market heavyweights rallied in Hong Kong with Alibaba up more than six percent, Netease four percent higher and Tencent up more than three percent, helping the Hang Seng Index climb more than one percent.

Shanghai, Tokyo, Sydney, Seoul, Wellington, Taipei and Manila were also well in positive territory.

The moves come as Beijing relaxes its strict Covid lockdown measures, allowing the world's number two economy to edge back into life after months.

"The bounce in risk sentiment is due to a more positive China tilt where the outlook is set to brighten up as Covid restrictions ease, and state-owned banks are obliged to increase lending again," said SPI Asset Management's Stephen Innes.

"It certainly feels like the tide is turning on the Mainland, though the overall tone still leans more cautiously optimistic, with key emphasis on 'cautiously'."

All eyes are on the release Friday of US inflation data for a better idea about the Fed's plans as it hikes borrowing costs.

Officials are expected to lift rates half a point each in June and July with some commentators warning a strong report on Friday could allow them to unveil a three-quarter-point move in September.

Such a move would push the dollar up even further against its peers, with the unit at a 20-year high against the yen.

And observers said that the uncertainty would continue to cause volatility on markets.

"The reality for the economy and probably the stock markets is that aggressive central bank rate hikes are likely to take a sharp bite out of household consumption as costs of living pressures come from goods and services, depressed real wage gains and markedly higher mortgage servicing," Innes added.

"Hence, the central bank's endgame is to cool inflation by slowing the economy and tightening financial conditions at stock market investors' expense until price pressures abate."

And Kate Moore at BlackRock explained to Bloomberg Television that "figuring out the direction over the next couple of months becomes increasingly difficult".

"There seems to be across all of the investing segments a lack of strong conviction in the direction of the market. We are going to see a lot more investors remain on the sidelines, remain cautiously positioned."

- Key figures at around 0230 GMT -

Tokyo - Nikkei 225: UP 1.0 percent at 28,208.92 (break)

Hong Kong - Hang Seng Index: UP 2.0 percent at 21,696.89

Shanghai - Composite: UP 0.7 percent at 3,264.90

Dollar/yen: UP at 133.00 yen from 132.62 yen late Tuesday

Euro/dollar: DOWN at $1.0693 from $1.0715

Pound/dollar: DOWN at $1.2580 from $1.2592

Euro/pound: DOWN at 85.00 pence from 85.02 pence

Brent North Sea crude: UP 0.1 percent at $120.71 per barrel

West Texas Intermediate: UP 0.2 percent at $119.65 per barrel

New York - Dow: UP 0.8 percent to 33,180.14 (close)

London - FTSE 100: DOWN 0.1 percent at 7,598.93 (close)

(S.G.Stein--BBZ)