A recovery climate prevailed on Tuesday in the stock exchanges of the Asia-Pacific region, in parallel with the futures of the main stock indices of Wall Street, which was closed on Monday due to a national holiday in the USA.
“Today’s gains are an attempt to make up for some of the previous losses, with the moves indicating that those who buy the dive have made their appearance,” IG Yeap Jun Rong said in a report.
On the board, o Nikkei recorded an increase of 1.84%, to 26,246.31 points, with the South Korean KOSPI to gain 0.75%, while in Hong Kong, the Hang Seng increased by 1.44%. In mainland China, the Shanghai decreases by 0.40%, while o Shenzen “loses” 1.25%. In Taiwan, the Taiwan Weighted closed with a jump of 2.35%, while in Australia the S & P / ASX 200 gained 1.41%.
The general concern of investors is that the attempt of central banks in the US and Europe to control the highest inflation of the last 40 years through the tightening of monetary policy could derail the growth of the world economy.
Japan and China have so far refrained from pursuing interest rate hikes, with the People’s Bank of China keeping interest rates unchanged and the Bank of Japan keeping interest rates close to zero, despite concerns about the yen weakening.
New Zealanders, moreover, appear pessimistic about their economic prospects as inflation rises, as do interest rates. according to a quarterly survey which adds to the signs of a slowing economy.
The Westpac McDermott Miller Consumer Confidence Index fell to a record low of 78.7 in June from 92.1 in March. The long-term average for the index is 110 points.
“Household budgets have shrunk in a way that has not happened in decades,” said Michael Gordon, chief economist at Westpac.
The Governor of the Bank of Australia, Philip Lowe, For his part, he said he did not expect a recession in the country in the coming years.
“I do not see a recession on the horizon,” he said.
Unemployment is at a 50-year low, and labor market participation is at an all-time high, Lowe told a business group.
“The number of Australians in employment is higher than ever and the number of job vacancies is at record highs, while households have strong reserves.”
Source: Capital
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