HONG KONG: Stocks rose in Asia on Friday following another rally on Wall Street, as investors try to process central bank moves to fight soaring inflation with the growing possibility that those measures will induce a recession. However, analysts said speculation that a recession is on the way has helped push yields down in recent days and led traders to scale back their expectations for the length of rate hikes. In early Asia trade, investors took their cue from Wall Street where all three main indexes closed with healthy gains, including a more than 1 percent advance on the Nasdaq. Hong Kong, Tokyo, Shanghai, Sydney, Seoul, Singapore, Taipei, Manila and Jakarta were well up. Markets are negotiating "a fraught transition from 'front-loaded' synchronized tightening toward demand destruction and peak 'price-pressure,'" Citigroup Inc. strategists William O'Donnell and Edward Acton wrote in a note.
Source: Manila Times June 25, 2022 04:20 UTC