HONG KONG, Jan 9 — Asian markets resumed their strong start to the year today, tracking a surge on Wall Street fuelled by optimism over China’s reopening and hopes the...
HONG KONG, Jan 9 — Asian markets resumed their strong start to the year today, tracking a surge on Wall Street fuelled by optimism over China’s reopening and hopes the Federal Reserve will slow its pace of interest rate hikes.
The readings, while suggesting the world’s top economy was showing signs of weakness, were seized on by traders hopeful that the Fed will begin to temper its monetary tightening campaign. In a further sign of hope, data Friday showed eurozone inflation slowed for a second month in a row in December, to 9.2 percent — the first time in single digits since September.
Traders in the two cities have been on a high at the start of the year as they welcome China’s emergence from zero-Covid as well as pledges to help the struggling economy, particularly the property sector. “So with the lifting of border restrictions between China/Hong Kong/Macau and international travel reopening, local travellers are not only in a celebratory mood but also investors.”
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