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Asian stocks are mixed.Japan’s first quarter GDP data released

The market is actually ready for the rally, but the big question is whether this is a bear market rally or a sustainable rally in the future.

Kelvin Tay

UBS Global Wealth Management Regional Chief Investment Officer

Elsewhere, stock prices in mainland China have fallen, Shanghai Composite 0.25% decrease to 3,085.98 Shenzhen component It fell 0.197% to about 11,208.08.The Hang Seng Index In Hong Kong, it is slightly lower at the last hour of trading.

Korean KospI closed a 0.21% higher trading day at 2,625.98. Australian stocks are also S & P / ASX 200 It rose 0.99% and ended at 7,182.70.

MSCI’s widest non-Japanese Asia Pacific stock index rose about 0.6%.

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Federal Reserve Chair Jerome Powell said he would support rate hikes until prices began to return to sound levels. At the beginning of May U.S. central bank raised interest rates by 0.5 percentage points — As seen to fight inflation — the biggest hike in 20 years.

Overnight on Wall Street, the S & P 500 rose 2.02% to 4,088.85, and the tech-heavy Nasdaq Composite index rose 2.76% to 11,984.52. The Dow Jones Industrial Average rose 431.17 points (1.34%) to 32,654.59.

“Last night the market was strong, mainly due to the sixth straight week of losses since the beginning of the year and the largest technology underweight since 2006. UBS Global Wealth Management’s regional highest investment. The chief investment officer, Kelvin Tei, told CNBC’s “Squawk Box Asia” on Wednesday.

“The market is actually ready for the rally, but the big question is whether this is a bear market rally or a sustainable rally in the future,” Tay said. “Given the quantitative monetary tightening in the coming weeks, I think it will be difficult for Larry to actually stay on track.”

Currency and oil

The US dollar indexTracking greenbacks against baskets from other companies in the same industry was 103.546 after a recent drop from a level above 104.

The JPY It traded at 129.15 per dollar as it was above the 129 level against the greenback for most of the previous week.The Australian dollar We changed hands at $ 0.7006 compared to the previous high of $ 0.7046.

Oil prices were high in the afternoon of Asian trading hours on international benchmarks Brent crude oil futures $ 112.75, up 0.73% per barrel. US Crude Oil Futures It rose 1.06% to $ 113.59 per barrel.

Correction: This article has been updated to accurately reflect the movements of the Asia Pacific market on Wednesday. In previous versions, one instance had the wrong day.

Asian stocks are mixed.Japan’s first quarter GDP data released

Source link Asian stocks are mixed.Japan’s first quarter GDP data released

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