Tokyo – Global stocks nearly rose on Tuesday as jitters ended protest in china It is triggered by public outrage over the easing of COVID-19 restrictions.
Hong Kong’s benchmark rose 5.2%, as did most other markets in Europe and Asia. US futures are a little higher. Crude oil prices rose by more than $1 a barrel.
China’s economy is being held back by “zero COVID” policies, including lockdowns that have intermittently threatened global supply chains.
France’s CAC 40 was largely unchanged at 6,665.24, while Germany’s DAX fell 0.1% to 14,366.13. The UK FTSE 100 rose 0.7% to 7,525.30. Futures on the S&P 500 rose 0.4% while futures on the Dow Jones Industrial Average fell 0.2%.
Chinese stocks rallied after falling sharply on Monday following weekend protests in Chinese cities. But a crackdown on protests and further extension of lockdowns due to the pandemic could further slow China’s economy and hurt the global economy.
SPI Asset Management’s Steven Innes said in a report that other factors also contributed to Tuesday’s rally.
“The Chinese market is buoyed by speculation that new housing support, possible rate cuts and protests will facilitate a shift away from ‘Covid-Zero’ policies,” he said.
Hong Kong’s Hang Seng Index closed at 18,204.68 while the Shanghai Composite Index rose 2.3% to 3,149.75.
Japan’s Nikkei 225 fell 0.5% to close at 28,027.84. Australia’s S&P/ASX 200 was up 0.3% to 7,253.30. South Korea’s Kospi rose 1.0% to 2,433.39.
The Japanese government announced Tuesday that the unemployment rate in October remained unchanged from September at 2.6%, with vacancies per job seeker at 1.35.
The Conference Board will release its Consumer Confidence Index for November late Tuesday. This could reveal how the consumer is holding up amid high prices and his spending plans from the holiday shopping season into 2023.
Federal Reserve Chairman Jerome Powell will speak at the Brookings Institution on Wednesday on the outlook for the US economy and labor market.
Investors are eyeing the Federal Reserve’s next move after decades of high inflation.U.S. central bank to curb inflation interest rate hike while avoiding pushing the economy into recession. The central bank’s benchmark interest rate has now risen from nearly zero in March to he 3.75% to 4%.
The US government is set to release several reports on the labor market this week. The October job openings and turnover report is released on Wednesday, and the weekly unemployment claims report is released on Thursday. Our monthly report on the hot job market is released on Friday.
In energy trading, benchmark US crude rose from $1.81 to $79.05 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price benchmark for international trading, rose $2.08 to $85.97 a barrel.
In currency trading, the US dollar fell from 138.90 yen to 138.28 yen. The euro rose to $1.0374 from $1.0339.
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https://www.local10.com/business/2022/11/29/global-shares-mostly-rise-as-markets-eye-china-protests/ Global stocks nearly rise as markets focus on China protests