© Reuters. People walk past a screen showing the Hang Seng stock index outside the Hong Kong Exchange, in Hong Kong, China July 19, 2022. REUTERS / Lam Yik / File Photo
By Sam Byford
(Reuters) – Asian stocks rallied broadly on Thursday, extending an overnight global rally, while oil prices stabilized at levels not seen since before Russia’s invasion of Ukraine.
the average stock gained 1.96% in the first session of the year. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.33%, while Australia’s gained 0.72%.
All three major Wall Street indexes gained significantly overnight.
However, China’s blue-chip stocks fell slightly after the release of worse-than-expected trade data and the extension of the lockdown in the city of Chengdu, demonstrating the country’s strict no-COVID policy.
Gary Ng, senior economist at Natixis in Hong Kong, said: “Today for Asia, it’s really the story of whether zero COVID has continued to hit the Chinese economy. This will of course have spillover effects in terms of imports.”
Hong Kong’s fell 0.59%.
Markets await a speech by Federal Reserve Chairman Jerome Powell later today on signs of any failure in the central bank’s hawkish approach to tackling inflation. broadcast.
“I think Powell will signal that a decision for September has yet to be made, but the Fed will remain data dependent,” NatWest Markets analyst Jan Nevruzi wrote in a note.
The CME Group (NASDAQ:) Fedwatch tool now shows expectations for a third consecutive 75 basis point hike at around 78%, up from 69% a week ago.
The yen is hovering around 144 per dollar after weakening almost 145 overnight. Tracks the greenback against a basket of currencies of other major trading partners, having risen at 109.76.
Oil prices recovered slightly from their overnight plunge but remained below $90 a barrel for the first time since early February. rose 0.81% to $82.60 a barrel, while up 0.65 to $88.57 a barrel.
price fell 0.1% to $1,716.04 an ounce and the world’s top bitcoin fell 0.95% at $19,199.
