US inflation figures send stock markets in Asia higher.
Good weather prevails on the leading stock exchanges in the Asia Pacific region on Friday morning Norwegian time.
This is what it looks like around 6:30:
- The Nikkei 225 index in Tokyo rose 2.66 percent
- Hong Kong’s Hang Seng Index is up 5.48%
- The Shanghai Composite Index rose 1.51 percent
- The Kospi index in Seoul rose 3.03 percent
- Singapore’s FTSE Straits Times Index is up 1.53%
- The ASX 200 index in Sydney rose 2.71 per cent.
The increase comes after the US Labor Department released new inflation figures yesterday. Price growth slowed surprisingly in October, at 7.7 percent. In advance, inflation of 7.9 percent was expected.
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On the stock exchange in Hong Kong, the rally is more than five percent, and several Chinese tech giants are contributing to the rally.
Shares of companies such as Alibaba and JD.com rose 7.22 and 10.19 percent, respectively.
New inflation numbers pushed US stock markets higher, and Wall Street had its best day since spring 2020.
The Nasdaq Tech Index led the strong rally and when Wall Street closed last night, the Nasdaq rose more than seven percent. For the Dow Jones and Standard & Poor’s 500 Index, it ended with a rise of 3.69 percent and 5.53 percent, respectively.
John Briggs at NatWest He tells CNBC That the rally shows how anxious and worried the markets are about inflation, and that you want to respond when you get any form of help from the inflation numbers.
The US central bank recently raised interest rates by 0.75 percentage points in the fight against high price pressure. With the recent inflation figures, many are speculating that the central bank may cool interest rate hikes somewhat.
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