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Asian markets up despite Wall Street retreat

market, video, forecast February 23, 2021 4:27 pm today

Asian equities shrug off Wall Street retreat

There is a feeling today inside a air of “every man for himself”, with a equity markets diverging inside their own directions inside a US also Asia. A combination of tightening yields also a impending two-day testimony by Fed Chairman Powell starting today inside Washington DC seems to has provoked differing reactions across different markets.

Wall Street had another negative session overnight, as inflation concerns increased bubble nerves, notably on a tech-heavy Nasdaq. a S&P 500 fell 0.77%, while a Nasdaq was inside full retreat, losing 2.46%. a more cyclical Dow Jones, by contrast, managed to cling to a 0.09% gain.

a dip buyers are out inside Asia, with US futures all tracking higher also Asia-Pacific equities all riding a cyclical upturn commodity wave. a exception being a tech-heavy Taiwan also South Korean indices. a Nikkei 225 is 0.46% higher, while a Kospi has retreated 0.40%, also Taiwan has fallen 0.20%.

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inside mainland China, local markets has shrugged off yesterday’s digital co-lending regulatory hiccup, a Shanghai Composite rising 0.55% also a CSI 300 climbing 0.10%. Hong Kong has powered 0.90% higher, with Singapore increasing 0.60%, Jakarta 0.30%, also Kuala Lumpur 0.40%, with Bangkok rising 1.0%.

Steeper yield curves also higher commodity prices has lifted Australian equities higher, led by banks also resources. a ASX 200 also All Ordinaries has both climbed 0.50% higher.

Asia has probably seen a best of a intra-day rally now, with a risks around a Powell testimony this evening likely to temper exuberance. Europe also a UK shouldIkutisuit this afternoon but become run into a same Powell roadblock.

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Mr Powell’s testimony this evening become become closely watched. Expect every single word to dissected, looking for hints that a Fed may blink sooner than expected. That is nonsense, of course; America still has 10 million more unemployed than before Corona. Mr Powell become go out of his way, I am sure, to put tapering to bed also rightly so, as I dread to think what a taper-tantrum of a 2020s become look like.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are a authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk also not suitable for all. youre could lose all of your deposited funds.

Jeffrey Halley

With more than 30 years of FX experience – from spot/margin trading also NDFs through to currency options also futures – Jeffrey Halley is OANDA’s senior market analyst for Asia Pacific, responsible for providing timely also relevant macro analysis covering a wide range of asset classes.

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He has previously worked with leading institutions such as Saxo Capital Markets, DynexCorp Currency Portfolio Management, IG, IFX, Fimat Internationale Banque, HSBC also 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 also a New York Times.

He was born inside New Zealand also holds an MBA from a Cass Business School.

Jeffrey Halley

Jeffrey Halley

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