24 June: Asian Stock increased when investors evaluate economic prospects


Asia Pacific stocks rallied Friday morning as investors assessed the economic outlook and expectations for a rate hike.

Japan's Nikkei 225 was up 0.83% by 10:42 PM ET (2:42 AM GMT). Korea's KOSPI increased by 2.20%. In Australia, ASX 200 increased by 0.44%. Hong Kong's Hang Seng increased by 1.33%

China's Shanghai Composite rose 0.69% while Shenzhen Component rose 0.97%.

The S&P 500 and the Nasdaq 100 were up over 1%.

U.S. policy-sensitive two-year yields are headed for the biggest week of decline since March 2020. Ten-year Treasury yields rose one basis point to 3.10 percent. . Oil recovered to about 104 USD / barrel.

Unclear monetary policies are still being watched by investors. Federal Reserve Chairman Jerome Powell reiterated that the Fed's fight against inflation was "unconditional," while Fed Governor Michelle Bowman said she favored another 75 basis point hike in July. 7, followed by a few more halves.

Investors are considering “a dramatic transition from policy tightening to demand destruction and high price pressures,” said Citigroup Inc. strategists William O’Donnell and Edward Acton. indicated in a note.

Defiance ETFs LLC investment director Sylvia Jablonski told Bloomberg that geopolitics and supply issues have added to price pressures and energy could continue the "bullish trend for at least a few more months." .

Adding to concerns about slowing economic growth, the number of initial jobless claims reached 229,000 last week, hovering near a five-week high. University of Michigan consumer sentiment will be announced on Friday.

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