Asian share markets mostly rose, but oil and the dollar slipped as rising COVID-19 cases in China raised fears of fresh lockdowns that could slow the reopening of the world’s second-largest economy. | Reuters
New Zealand’s central bank raised interest rates by 75 basis points – its largest ever move – on Wednesday to a near 14-year high of 4.25 percent and flagged more hikes are on the way as it struggles to contain stubbornly high inflation.
“The biggest story for investors in Asia is still the China reopening,” said Suresh Tantia, Credit Suisse’s senior investment strategist in Singapore. The November consumer price index will be published on Dec. 13, the day before the central bank delivers its final interest rate decision for 2022.“The Fed is going to be very data driven and they are will need to see more than one softer inflation result because one weaker month in October is not a trend,” said Clara Cheong, JPMorgan Asset Management investment strategist.
The two-year yield, which rises with traders’ expectations of higher Fed fund rates, touched 4.5144 percent compared with a U.S. close of 4.517 percent.The European single currency was up 0.1 percent on the day at $1.0313, while the dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was mildly weaker at 107.07.
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