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Hong Kong Stocks Post More Healthy Gains

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Hong Kong shares clocked a third straight day of gains on Thursday after the head of the US Federal Reserve signalled a slower pace of rate hikes and China appeared set to take a less draconian approach to fighting Covid. online news

The Hang Seng Index jumped 0.75 percent, or 139.21 points, to 18,736.44.

The Shanghai Composite Index rose 0.45 percent, or 14.14 points, to 3,165.47, while the Shenzhen Composite Index on China’s second exchange gained 1.26 percent, or 25.41 points, to 2,044.10.


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Tokyo Stocks Close Higher After Powell Comments

Tokyo stocks closed higher on Thursday, driven by robust rallies on Wall Street after Federal Reserve Chair Jerome Powell said he would moderate the speed of rate hikes.

The benchmark Nikkei 225 index gained 0.92 percent, or 257.09 points, to close at 28,226.08 while the broader Topix index advanced 0.04 percent, or 0.89 points, to 1,986.46.

Global investors cheered Powell’s comments that the Fed was ready to slow its rate hike campaign after a rapid succession of increases earlier in the year.

“The time for moderating the pace of rate increases may come as soon as the December meeting,” he said at the Brookings Institution in Washington.

The comment caused US shares to soar, with the Dow finishing up 2.2 percent and the tech-rich Nasdaq index advancing 4.4 percent.

The dollar tumbled more than one percent against the yen in Asian trade after Powell’s indication the bank would begin slowing its pace of interest rate hikes.

The dollar fell to as low as 136.29 yen at one point, its lowest since August, having hit a three-decade high as recently as October.

It changed hands at 136.39 yen in late Tokyo hours, falling from 138.03 yen seen on Wednesday in New York.

The drop comes as the greenback falls against a host of other currencies, having surged for much of the year owing to the Fed’s sharp campaign of monetary tightening aimed at fighting inflation.

“With the Fed done with jumbo hikes, it’s seemingly enough to mark the bottom in the bear market and could lead to a sustainable rally,” said Stephen Innes of SPI Asset Management.

“US stocks rose, hurtling ahead, putting those nasty thoughts of a bear market to bed as the December Santa Rally springs alive.”

Among major shares in Tokyo, Sony Group rose 0.62 percent to 11,325 yen.

SoftBank Group added 1.60 percent to 6,047 yen.

Advantest, producer of tests for semiconductors, rallied 4.38 percent to 9,530 yen.

But Toyota closed down 0.60 percent at 1,998.5 yen and Nintendo slipped 1.46 percent to 5,808 yen.


© Agence France-Presse. All rights are reserved.

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