TOKYO (AP) – Global stock benchmarks rose yesterday, as comments from the United States (US) Federal Reserve chairman assured markets that interest rate increases will likely be within expectations.
France’s CAC 40 added 0.7 per cent in early trading to 6,168.33, while Germany’s DAX gained 0.9 per cent to 13,014.33. Britain’s FTSE 100 rose nearly 1.1 per cent to 7,338.96.
US shares were set to move higher with Dow futures up 0.4 per cent at 31,902.00. S&P 500 futures rose 0.5 per cent to 4,025.50. Oil prices rose.
Japan’s benchmark Nikkei 225 rose 0.5 per cent to finish at 28,214.75. Australia’s S&P/ASX 200 added 0.7 per cent to 6,894.20. Hong Kong’s Hang Seng jumped 2.8 per cent to 19,389.03, while the Shanghai Composite added 0.8 per cent to 3,262.05. Trading was closed in South Korea for a holiday.
“Ongoing recovery in the risk environment could provide a positive backdrop for the Asia session to end the week, although Chinese equities still seem to be finding some difficulty in tapping on the improved environment for some relief,” said market strategist at IG in Singapore Yeap Jun Rong.
China has been releasing a slew of economic data, with more expected next week. Interest is high because of how China’s “zero-COVID” policy has impacted economic activity in the world’s second-largest economy.
Investors are also eyeing interest rates, as the European Central Bank made its largest-ever rate increase to fight inflation. The move is in line with steps taken by the US Federal Reserve and other central banks.