Asian markets built on their positive start to the year as investors brushed off a drop on Wall Street and weighed China’s reopening moves with surging Covid cases, while recession concerns kept any rally in check. | AFP
Stephen Innes at SPI Asset Management said: “With growing expectations for more back-loaded positive ‘reopening impulse’ in the second quarter, this could be a classic case of investors needing to wear some short-term pain for longer-term gain.And OANDA’s Edward Moya added that, after some painful years in China’s markets, there were now questions about whether they could “outperform if their Covid reopening continues without any major disruptions”.
There were also gains in Sydney, Seoul, Singapore, Wellington, Taipei, Jakarta and Manila, although Tokyo fell more than one percent on traders’ first day back from a long weekend. The news scuttled a pre-Christmas rally across world markets and the minutes will be pored over for clues about policymakers’ plans for this month’s gathering.There is a broad consensus that the Fed’s tightening measures to tame runaway inflation will tip the United States into recession, while the head of the International Monetary Fund has also warned a third of the global economy will contract this year.
However, he added that “what’s different this time, I think, is that if we have a recession, it’s going to be a Fed-induced recession and the Fed can end the recession by subsequently easing monetary policy”.
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