BEIJING- Asian stocks saw positive gains today after Wall Street exited their longest losing streak in history.
Alongside this, China has announced a series of policy goals aimed at subsidizing businesses hit by the lockdowns, which has sparked economic growth.
Related: Shanghai to Reopen Business District Amid National Lockdowns
The Asian cities of Shanghai, Hong Kong, Tokyo, and Australia’s capital Sydney have all advanced economically. However, oil prices are still too high for many consumers.
Wall Street hit its highest weekly gain in over a year and a half today when the S&P 500 index closed with a 6.6% gain. This is following weeks of losses due to a rapidly growing inflation rate, leaving consumers with less and less disposable income.
The Asian markets did well too. The Shanghai Composite Index jumped half a percent today following the easing of national lockdown restrictions. The Tokyo Nikkei 225 jumped 2.3% to 27,382.03 while Hong Kong’s hang Seng grew a remarkable 1.9%.
In South Korea, the Kospi grew 1.2% and the Sydney 200 grew 1.4%. Singapore made positive gains as well.
In New York the S&P 500 jumped 2.5% late last week. The Dow rise 1.8% to 33,212,96 while the Nasdaq, mainly fueled by the latest growth in tech stocks, jumped a massive 3.3%. The U.S. market has been hit hard the past few weeks by supply shortages and investor concerns regarding the current interest rate.
Inflation has gotten worse via manufacturing issues with a currently locked-down Chinese market. The soaring inflation has led to an increase in fuel prices by over 60%, while wheat and corn prices have skyrocketed as a result of the ongoing war in Ukraine.
See also from Business News:
