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May 17, 2022, 12:13 a.m. EDT

Asian markets gain as China COVID progress outweighs Wall Street losses

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By Associated Press

Shares advanced in Asia on Tuesday after another wobbly day on Wall Street extended a losing streak for markets.

Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI -0.62% gained 2.2% while the Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK -1.52% in Tokyo edged 0.4% higher. In Seoul, the Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.93% rose 0.8%.

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.24% added 0.2% while the Shanghai Composite index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.18% was 0.3% higher. Benchmark indexes in Singapore /zigman2/quotes/210597985/delayed SG:STI +0.0090% , Taiwan /zigman2/quotes/210597977/delayed TW:Y9999 -2.39% and Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX -1.00% gained.

Signs of  progress in China’s effort  to bring outbreaks of coronavirus under control appeared to be outweighing concern over weaker than expected Chinese economic data for April.

Investors also are watching for comments by Federal Reserve officials that might provide insight into the U.S. economic outlook and future policy moves.

“Markets remain in fight or flight mode while rolling the dice on recession odds,” Stephen Innes of SPI Asset Management said in a report. He added that, “traders seem to be in the mood to stay bearish until proven otherwise. However, there is still a lingering risk- on tone despite horrific Chinese data.”

Markets are trying to gauge how companies and consumers are dealing with higher prices and whether central banks can help ease the problem. On Wall Street, the major indexes have been slipping since early April.

On Monday the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.88% fell 0.4% to 4,008.01. It’s coming off of a six-week losing streak. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.82% eked out a gain, rising 0.1% to 32,223.42.

The tech-heavy Nasdaq /zigman2/quotes/210598365/realtime COMP -1.33% fell 1.2% to 11,662.79.

The Federal Reserve is gradually pushing its benchmark short-term interest rate off its record low near zero, where it spent most of the pandemic. It also said it may continue to raise rates by double the usual amount at upcoming meetings. Investors are concerned that the central bank could cause a recession if it raises rates too high or too quickly.

Lingering supply chain problems continue to feed inflation, and  China’s recent COVID-19 lockdowns  have raised concerns that they may worsen.  Russia’s war against Ukraine  has made already high energy prices even more volatile, which could also draw out rising inflation.

U.S. crude oil prices rose 3.4% Monday and are up more than 50% for the year. Natural gas prices rose 3.8% and have more than doubled in 2022.

On Tuesday, U.S. benchmark crude oil shed 37 cents to $113.83 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude , the pricing basis for international trading, lost 23 cents to $114.01 per barrel.

The Commerce Department is due to release its retail sales report for April later Tuesday. Home Depot and Walmart will report their latest financial results. Target will report its results on Wednesday.

In currency trading, the dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.4356% rose to 129.19 Japanese yen from 129.11 yen late Monday.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
21,859.79
-137.10 -0.62%
Volume: 2.82M
June 30, 2022 4:08p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
25,991.41
-401.63 -1.52%
Volume: 0.00
July 1, 2022 12:40p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,310.87
-21.77 -0.93%
Volume: 334,779
July 1, 2022 12:40p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,583.60
+15.50 +0.24%
Volume: 321,385
July 1, 2022 1:40p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,392.36
-6.25 -0.18%
Volume: 22.15B
July 1, 2022 11:44a
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,102.49
+0.28 +0.0090%
Volume: 0.00
July 1, 2022 11:45a
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/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
14,471.33
-354.40 -2.39%
Volume: 0.00
July 1, 2022 11:40a
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
6,842.32
-69.26 -1.00%
Volume: 0.00
July 1, 2022 10:50a
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/zigman2/quotes/210599714/realtime
US : S&P US
3,785.38
-33.45 -0.88%
Volume: 2.68B
June 30, 2022 5:30p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
30,775.43
-253.88 -0.82%
Volume: 397.27M
June 30, 2022 5:30p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
11,028.74
-149.16 -1.33%
Volume: 4.78M
June 30, 2022 5:16p
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
135.0990
-0.5910 -0.4356%
Volume: 0.0000
June 30, 2022 11:59p
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