HONG KONG: Asian equities mostly rose Friday to end the week on a strong note after a blockbuster rebound boosted by China’s pledge of support for its markets, while unease over the Ukraine war helped oil extend a recovery.
After a painful start to the week, global stocks have enjoyed a massive bounce in the past few days thanks to optimism over peace talks between Moscow and Kyiv and after Beijing’s signal that it was ready to shore up markets and ease off its tech crackdown.
And while the Federal Reserve announced the first of what many think will be seven interest rate hikes this year, traders have largely accounted for a period of tighter monetary policy.
Focus remains on Russia’s invasion of Ukraine and its impact on the global economy as surging commodity prices ramp up expectations of inflation, already at a 40-year high in the United States.
Talks between US President Joe Biden and his Chinese counterpart Xi Jinping will be closely followed, with the White House looking to get Beijing onside in trying to bring an end to the European conflict.
Comments
Comments are closed.