Global site navigation

Asian markets follow US lead with gains
Business and Economy

Asian markets follow US lead with gains

by  AFP 2 min read
When trading kicked off in Asia, Tokyo was up by more than one percent
When trading kicked off in Asia, Tokyo was up by more than one percent. Photo: Kazuhiro NOGI / AFP
Source: AFP

PAY ATTENTION: Be the first to follow YEN.com.gh on Threads! Click here!

Asian markets posted modest gains in early Thursday trade, rebounding from previous losses after a strong lead from Wall Street.

The US markets finished Wednesday higher, snapping a three-day losing streak, with the tech-rich Nasdaq closing up 1.4 percent.

The Dow Jones Industrial Average and the S&P 500 also closed higher, while European indices ended little changed.

When trading kicked off in Asia, Tokyo was up by more than one percent, and Hong Kong was up by just over 0.3 percent.

Singapore and Seoul were also up, while markets in mainland China were closed for a week-long holiday.

The 10-year US Treasury note, which hit a 16-year peak on Tuesday, had retreated following a lacklustre US hiring report.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ click on “Recommended for you” and enjoy!

Read also

Strike means strong US car sales may be on borrowed time

The note is a closely watched proxy for interest rates, and the recent surge comes amid fears the Federal Reserve will keep interest rates elevated for longer.

"We are going all in on long-duration, high-grade bonds," Adam Coons, chief portfolio manager at Winthrop Capital Management, told Bloomberg Television.

"We are really at an inflection point where interest rates in the US just can't go up that much higher."

The easing of Treasury yields was helped by economic data that prompted traders to scale back forecasts for Federal Reserve tightening this year.

All eyes will be on Friday's release of employment figures, with the overall health of the economy factoring in Fed rate decisions.

Key figures around 0300 GMT

Tokyo - Nikkei 225: UP 1.18 percent at 30,886.51 (break)

Hong Kong - Hang Seng Index: UP 0.36 percent at 17,257.85

Shanghai - Composite: Closed for a holiday

Euro/dollar: UP at $1.0522 from $1.0461 Wednesday

Read also

Asian markets fall on rate fears as bond yields rise

Pound/dollar: UP at 1.2156 from $1.2065

Euro/pound: DOWN at 86.56 pence from 86.71 pence

Dollar/yen: DOWN at 148.45 yen from 149.28 yen

Brent North Sea crude: UP 0.5 percent at $84.63 per barrel

West Texas Intermediate: UP 0.6 percent at $86.31 per barrel

New York - Dow: UP 0.4 percent at 33,129.55 points (close)

London - FTSE 100: DOWN 0.8 percent at 7,412.45 (close)

New feature: Сheck out news that is picked for YOU ➡️ click on “Recommended for you” and enjoy!

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.

Hot: