Meta boosts Asian markets

Asian equities surge higher with US futures

Wall Street’s main indexes had a sideways day overnight, finishing almost unchanged from the day before. The Meta results though, have lifted US index futures sharply as Meta rallied by over 15% in extended trading, lifting other tech heavyweights. Nasdaq futures have rallied by 1.25%, S&P 500 futures are 0.70% higher, while the value-orientated Dow futures have risen just 0.20%.

That has been enough to spark a relief rally of sorts in Asia today, although a barrage of infrastructure spending talk in China helped lift the gloom in China markets yesterday. Japan’s Nikkei 225 has risen by 1.0%, with South Korea’s Kospi climbing by 0.60%, while Taipei has rallied by 0.75%.

In China, the Shanghai Composite has gained 0.35%, with the CSI 300 rising by 0.45%. Hong Kong is performing its usual Nasdaq tail-chasing act, rising 1.0% in sympathy today. Mainland equity markets are potentially holding back as mass testing gets underway in Beijing and news that parts of the port city of ​Qinhuangdao have been locked down. China’s Covid-zero issues have not gone away.

In regional markets, Singapore has risen by just 0.20%, Kuala Lumpur is 0.55% higher, with Jakarta gaining 0.45%. Bangkok is 0.10% higher and Manila has added 0.45%. Australian markets have climbed on the Meta bandwagon, the ASX 200 and All Ordinaries climbing by 0.95%.

The Financial Times story suggests a rouble payment capitulation by European energy companies may give European stocks a reason to open higher today. The relief is likely to be short-lived as the obvious conflict between Europe’s political masters and its private sector will be a major test of European unity. In the US, results from Apple and Amazon will set the tone for the Wall Street session.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Jeffrey Halley

Jeffrey Halley

Senior Market Analyst, Asia Pacific
With more than 30 years of FX experience – from spot/margin trading and NDFs through to currency options and futures – Jeffrey Halley is OANDA’s senior market analyst for Asia Pacific, responsible for providing timely and relevant macro analysis covering a wide range of asset classes. He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC and Barclays. A highly sought-after analyst, Jeffrey has appeared on a wide range of global news channels including Bloomberg, BBC, Reuters, CNBC, MSN, Sky TV, Channel News Asia as well as in leading print publications including the New York Times and The Wall Street Journal, among others. He was born in New Zealand and holds an MBA from the Cass Business School.
Jeffrey Halley
Jeffrey Halley

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