Shares in Asia were mixed Friday after Wall Street broke its longest losing streak since December with a modest rally led by tech stocks.
Oil prices rose while U.S. futures edged lower.Benchmarks rose in Tokyo and Sydney but fell in Hong Kong, Shanghai and Seoul.Japan reported its core consumer price index, excluding volatile fresh foods, rose the most in 41 years in January. But the nominee to head its central bank, economist Kazuo Ueda, told lawmakers he favors keeping Japan’s benchmark interest rate near zero to ensure stable growth.
Wages in Japan have failed to keep pace with price increases, and worries over a potential global recession have left the BOJ wary of altering course. On Thursday, the S&P 500 SPX rose 0.5% for its first gain in five days, closing at 4,012.32. The Dow Jones Industrial Average DJIA added 0.3% to 33,153,91, and the Nasdaq Composite COMP surged 0.7% to 11,590.40.
High rates hurt prices for investments, particularly those seen as the riskiest, most expensive or whose big growth is furthest out in the future. They also raise the risk of a recession because they slow the economy. Wall Street’s heightened expectations for rates and the Fed have been most evident in the bond market, where Treasury yields have shot higher this month. They eased a bit on Thursday, taking some of the pressure off stocks.
Domino’s Pizza DPZ dropped 11.7% despite reporting stronger profit than expected and Lordstown Motors RIDE tumbled 11.4% to $1.09 after it said it’s temporarily halting production and deliveries of its Endurance electric pickup due to performance and quality issues with certain components.
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