Wall Street fluctuates on hawkish Fed-speak tone versus risk appetite rising
Singapore — Asian shares rose on Thursday on investor hopes for China’s emergence from the Covid-19 pandemic, while the dollar stayed under pressure even as the US Federal Reserve had a warning against market bets on interest rate cuts this year.
“China reopening has a big impact ... worldwide,” said Joanne Goh, an investment strategist at DBS Bank in Singapore, since it not only spurs tourism and consumption but can ease some of the supply chain crunches of 2022. E-commerce and consumer stocks were among the biggest gainers in Hong Kong, lifting the Hang Seng 2% to a six-month high while reopening hopes have driven China’s yuan to four-month highs and supported regional stocks and currencies.China has partially eased an unofficial ban on Australian coal imports and the Australian dollar made a three-week high overnight just below $0.69. It last bought $0.6833.
“Translating Fed speak, this is a warning to markets, that being too optimistic may ironically backfire,” said Vishnu Varathan, Mizuho Bank’s head of economics in Singapore. Wall Street indices fluctuated on Wednesday, before closing with modest gains, but futures struggled in Asia trading and S&P 500 futures were last down about 0.4%.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden and Japan’s PM to discuss regional and global issues at White House meetThe mid-January talks will cover North Korea, Ukraine, China's tensions with Taiwan and a ‘free and open Indo-Pacific’
Read more »
WELLNESS: Applying sun protection early is like saving for your retirementSouth Africa falls in the ‘extremely high risk’ category on the national UV index, so if it’s not already part of your daily routine, remember to protect your skin against irreversible sun damage.
Read more »
Who you can watch perform at Kirstenbosch this monthThere’s something extra magical in the summer air at Kirstenbosch on a Sunday evening. Maybe it’s the fresh air, the addictive festive season feeling, or the celebration of Cape Town’s favourite jams.
Read more »
Rand at four-month high as market awaits Fed minutes | BusinessThe rand was trading firmer on Wednesday morning against major global currencies amid gains for most of its emerging market peers, as investors await the release of minutes from the US Federal Reserve's last meeting. | News24_Business
Read more »
What will be new to watch on Netflix South Africa this monthIt's a new month and a new year, and Netflix is making sure we stay entertained. So, if you're looking for something new to watch on Netflix in South Africa this month, whether series or movie, they've probably got it.
Read more »
LEVY CUTS: Drop in fuel price one small relief in January 2023Petrol, diesel and paraffin are down sharply this month, but the gas price will be raised.
Read more »