Asian markets higher as Wall Street climbs

Asian equities are content to follow Wall Street’s rally

Wall Street booked another session of decent overnight gains as somewhat counteractively, lower US yields on recession fears prompted more equity buying. The S&P 500 rose by 0.95%, the Nasdaq jumped 1.62% higher, while the Dow Jones gained 0.66%. The rally continues unabated in Asia, with US futures booking more gains in Asia, suggesting the overnight rally in the OTC markets still has legs. S&P 500 futures are 0.50% higher, the Nasdaq is loving lower US yields and Nasdaq futures are 1.0% higher in Asia. Dow futures have added a respectable 0.30%.

Asian markets are content to follow the leader, with the overnight rally on Wall Street lifting Asian markets higher into the end of the week. Japan’s Nikkei 225 is 0.95% higher, while South Korea’s Kospi has leapt 1.70% higher thanks to Nasdaq’s outperformance.

In mainland China, the Shanghai Composite has climbed by 0.45%, with the CSI 300 gaining 0.55%. Hong Kong’s Hang Seng has jumped by 1.50%. In regional markets, Singapore is 0.35% higher, with Taipei rising by 0.85%. Kuala Lumpur has gained 0.45%, Jakarta 0.80%, Bangkok 0.55%, and Manila 1.30% after a dovish rate hike yesterday. Australian markets are showing no ill effects from the resource price retreat. The All Ordinaries has risen by 0.55%, and the ASX 200 by 0.35%.

European markets took fright at the German activation of its phase two emergency energy plan and reducing Russian gas flows is bad news for Europe as a whole. As a result of this, it is unlikely that European markets will find any reason for cheer into the weekend.

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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