Most Asian stock markets are moving higher on Wednesday as investors assess the tension in US-China relations and aggressive statements by Federal Reserve officials on inflation.
The Speaker of the House of Representatives, Nancy Pelosi, continues her visit to Taiwan, which has provoked a strong reaction from Beijing.
China, which considers Taiwan part of its territory, announced military high schools in areas around the island after Pelosi’s visit. Beijing simultaneously stopped exports and imports of selected products from the island.
Investors are watching the developments amid heightened concern that a further deterioration in relations between the world’s two largest economies could irreparably damage global growth.
On Tuesday, meanwhile, but two Fed officials, Loretta Mester and Charles Evans, indicated with their statements that the central bank still has a long way to go in its mission to rein in inflation, defying expectations that the central bank may choose to go ahead with milder rate hikes to protect the economy.
On the board, Japan’s Nikkei gained 0.5% to 27,729.20 points, while the Topix edged up 0.2%.
In Hong Kong the Hang Seng rose 0.8%, while in mainland China the Shanghai Composite gained 0.35%.
South Korea’s Kospi is up 0.75%, while Australia’s S&P/ASX 200 is down 0.4%.
Source: Capital
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