ASIA MARKET / Stock exchanges follow Wall Street recovery | News

Author: Steffen Gosenheimer

TOKIO / HONG KONG (Dow Jones) – After a week dominated by losses, the East Asian and Australia stock markets rebounded on Friday. The stock markets then followed the uptrend on Wall Street, where rapidly falling market interest rates eased sentiment somewhat. However, this was mainly due to fears of a recession as investors sought refuge in supposedly safer bonds. US Federal Reserve Chairman Powell reiterated that fighting inflation through higher interest rates was still clearly the target, but that a recession is not necessarily inevitable.

In Japan, new price data is in line with expectations and shows that a country with 2.5% inflation is still far from dramatic inflation rates elsewhere, so the local central bank can afford to continue its ultra-expansive driving course . Nevertheless, Japan’s price growth rate is also above the central bank’s target of 2.0 percent.

The Nikkei 225 index gained 1.0 percent. to 26,443 points. Seoul (+ 2.0%) is able to recover the strongest, but that is where the greatest losses have also taken place. Gains in Shanghai (+ 0.4%) and Sydney (+ 0.2%) are more restrained, while Hong Kong, like the day before, rose significantly by another 1.5%. Once again, the strongly weakened stocks of interest-rate sensitive technology companies (+ 3.0%) are driving the recovery.

They are also getting wind in their sails thanks to signals from Beijing that rules in the tech sector could be relaxed. Additionally, sentiment is backed up by the fact that the government supports the economy with stimulus measures, such as infrastructure investments. The day before, President Xi Jinping also emphasized that this year he would continue to meet the growth target of 5.5 percent. Central China Securities also points out that new infections of Covid-19 cases appeared to be under control, with resumption of production accelerating in parts of the country.

Toyota mood mufflers again

In individual stock, Toyota (-0.6%) fell slightly again in Tokyo. The car manufacturer has to recall its new battery-powered SUV due to safety concerns. The day before, stocks had already suffered from reduced production.

Index (stock market) last +/-%% YTD end

S & P / ASX 200 (Sydney) 6,544.00 + 0.2% -12.1% 08:00

Nikkei-225 (Tokyo) 26,443.29 + 1.0% -9.2% 08:00

Kospi (Seoul) 2,361.32 + 2.0% -20.7% 08:00

Shanghai Comp. 3 334.67 + 0.4% -8.4% 09:00

Hang Seng (Hong Kong) 21,583.03 + 1.5% -10.0% 10:00

Strait times (Sing.) 3 101.30 + 0.3% -1.1% 11:00

KLCI (Malaysia) 1,436.81 + 0.4% -8.7% 11:00

FOREX last + / -% 00:00 Thu 11:39% YTD

EUR / USD 1.0537 + 0.1% 1.0522 1.0513 -7.3%

EUR / JPY 141.93 -0.0% 141.99 142.33 + 8.4%

EUR / GBP 0.8582 -0.0% 0.8582 0.8610 + 2.1%

GBP / USD 1.2278 + 0.2% 1.2260 1.2208 -9.3%

USD / JPY 134.68 -0.2% 134.95 135.40 + 17.0%

USD / KRW 1,298.13 -0.1% 1,299.62 1,305.04 + 9.2%

USD / CNY 6.6956 -0.0% 6.6985 6.7115 + 5.3%

USD / CNH 6.6922 -0.1% 6.6994 6.7127 + 5.3%

USD / HKD 7.8492 -0.0% 7.8495 7.8492 + 0.7%

AUD / USD 0.6904 + 0.1% 0.6897 0.6888 -4.9%

NZD / USD 0.6296 + 0.3% 0.6333 0.6255 -7.8%

Bitcoin

BTC / USD 21,039.05 + 1.8% 20 675.24 20 493.24 -54.5%

ROHOEL the last VT-Settl. +/-% +/- USD% YTD

WTI / Nymex 104.60 104.27 + 0.3% 0.33 + 44.9%

Brent / ICE 110.14 110.05 + 0.1% 0.09 + 46.0%

METALS last day before +/-% +/- USD% YTD

Gold (spot) 1,823.96 1,822.80 + 0.1% +1.16 -0.3%

Silver (Spot) 21.01 20.96 + 0.2% +0.05 -9.9%

Platinum (Spot) 919.50 911.03 + 0.9% +8.48 -5.3%

The future of copper 3.78 3.74 + 1.0% +0.04 -15.0%

Contact the author: maerkte.de@dowjones.com

DJG / DJN / gos / cln

(END) Dow Jones Newswires

June 24, 2022 00:54 ET (04:54 GMT)

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