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Aug. 15, 2022, 11:25 p.m. EDT

Asian markets mostly higher, echoing Wall Street’s rebound

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By Associated Press

TOKYO — Asian shares mostly rose Tuesday after a rebound on Wall Street, despite regional investor risks reflected in negative economic data out of China.

Falling oil prices are one positive factor for the region. In Japan, recent economic data have shown a recovery, but high rates of COVID-19 are fueling fears people will hold back on travel and other economic activity.

Some analysts say stock prices haven’t properly reflected real risks.

“It doesn’t seem to matter what the news is, there is just a huge appetite to buy stocks. And to keep buying,” said Clifford Bennett, chief economist at ACY Securities.

“Talk of the bottom having already been priced in seems somewhat premature. Should the market turn down again after all this long positioning, it will fall with a thunderous impact. Buyers beware.”

Japan’s benchmark Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +0.18% was little changed in morning trading. South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.09% rose 0.3% and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.11% added 0.5%. Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +0.83% added 0.2%, while the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.16% gained 0.4%. Benchmark indexes in Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 +0.21% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.29% advanced, while stocks slipped in Singapore /zigman2/quotes/210597985/delayed SG:STI -0.54% .

Stocks on Wall Street bounced back and closed higher, extending the market’s recent winning ways as investors look ahead to several updates from retailers this week.

The S&P 500 /zigman2/quotes/210599714/realtime SPX -1.47% rose 16.99 points, or 0.4%, to 4,297.14. The Dow /zigman2/quotes/210598065/realtime DJIA -1.14% added 151.39 points, or 0.5%, to 33,912.44. The Nasdaq /zigman2/quotes/210598365/realtime COMP -1.57% gained 80.87 points, or 0.6%, to 13,128.05.

The market got off to a bumpy start as traders reacted to news overnight that China’s central bank cut a key interest rate, acknowledging more needed to be done to shore up its economy. The move is the latest warning for markets already on edge over record-high inflation and fears about recessions in the U.S. and elsewhere.

China is the world’s second-largest consumer of crude oil, so the news weighed on energy prices. U.S. crude oil prices slumped 2.9% on worries about the global economy and weighed heavily on energy stocks.

In Tuesday’s trading, benchmark U.S. crude fell 57 cents to $88.84 a barrel. Brent crude , the international standard, lost 86 cents to $94.24.

Treasury yields fell as a report showed manufacturing in New York state unexpectedly contracted. The yield on the 10-year Treasury, which banks use to set mortgage rates, fell to 2.79% from 2.83% late Friday.

Still, all but two of the 11 sectors in the S&P 500 closed higher. Technology stocks, retailers and other companies that rely on direct consumer spending accounted for a big share of the gains.

Moderna /zigman2/quotes/205619834/composite MRNA -0.05% rose 3.3% after British regulators authorized an updated version of its COVID-19 vaccine.

The market’s choppy start to the week follows four straight weeks of gains for the benchmark S&P 500 on hopes that inflation is peaking and that the Federal Reserve could ease up on its aggressive interest rate hikes. The central bank has been raising short-term interest rates to help slow economic growth and cool the hottest inflation in 40 years.

Wall Street is worried that the Fed could hit the brakes too hard and send the economy into a recession, and any signal that inflation could be peaking or retreating has helped ease some of those worries.

Investors are also keeping a close watch on how inflation is affecting businesses and consumers. Spending has slowed and the broader economy has already contracted for two straight quarters. Several big retailers will give investors more detail on how their businesses are holding up when they report earnings this week.

In currency trading, the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0329% edged up to 133.40 Japanese yen from 133.27 yen.

JP : Nikkei
+56.85 +0.18%
Volume: 0.00
Sept. 27, 2023 3:15p
KR : Korea Exchange
+2.10 +0.09%
Volume: 354,973
Sept. 27, 2023 3:30p
-7.90 -0.11%
Volume: 761,943
Sept. 27, 2023 5:04p
HK : Hong Kong Exchange
+144.97 +0.83%
Volume: 1.57M
Sept. 27, 2023 4:09p
CN : China: Shanghai
+5.04 +0.16%
Volume: 24.05B
Sept. 27, 2023 3:00p
TW : Taiwan Stock Exchange
+34.29 +0.21%
Volume: 0.00
Sept. 27, 2023 1:33p
ID : Indonesia Stock Exchange
+19.78 +0.29%
Volume: 0.00
Sept. 27, 2023 3:33p
SG : Singapore: SGX
-17.49 -0.54%
Volume: 0.00
Sept. 27, 2023 4:28p
-63.91 -1.47%
Volume: 0.00
Sept. 26, 2023 5:09p
US : Dow Jones Global
-388.00 -1.14%
Volume: 0.00
Sept. 26, 2023 5:09p
US : Nasdaq
-207.71 -1.57%
Volume: 4.72B
Sept. 26, 2023 5:16p
US : U.S.: Nasdaq
$ 98.12
-0.05 -0.05%
Volume: 2.89M
Sept. 26, 2023 4:00p
P/E Ratio
Dividend Yield
Market Cap
$37.36 billion
Rev. per Employee
US : Tullett Prebon
-0.0490 -0.0329%
Volume: 0.0000
Sept. 27, 2023 4:43a

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