The conglomerate’s plans to transform into a holding company boosted Asian shares for a third day, with MSCI’s index of Asia-Pacific shares outside Japan gaining 0.3%
Singapore — Asian stocks rose on Thursday with fears easing on the banking front and the prospect of a break-up at Chinese conglomerate Alibaba offering an encouraging sign that Beijing’s regulatory storm focused on tech companies might finally be clearing.
Overnight Wall Street indexes jumped after the US banks’ top cop appeared before Congress and focused remarks on failures at Silicon Valley Bank and its supervision, rather than broader systemic issues across the financial sector. From the two-year tenor all the way to 30-year, US yields are below the current Fed funds rate of roughly 4.8% as markets have dramatically repriced the rates outlook.
In Asia, investors extended a rally in Alibaba’s Hong Kong shares as a conference call offered more details on the company’s plan to spin off its businesses.
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