Asia-Pacific markets rise as China reopens borders with Hong Kong
Publishing timestamp: 2023-01-08 23:58:07
Summary
Asia-Pacific markets traded higher as Hong Kong and mainland China resumed quarantine-free travel over weekend, signaling end of zero-Covid policy. Technology stocks led gains alongside travel and consumer names. In the US, major indexes ended last week with their first rally of new trading year. Oil prices rose more than dollar on boosted fuel demand outlook on back of China's border-reopening. BofA has added number of biotechnology stocks to its list of top picks for first quarter. Australia's building approvals fell further than expected in November. Richmond Federal Reserve President Thomas Barkin said central bank has to keep working to bring down inflation but can do so with little less intensity. Atlanta Fed President Raphael Bostic said he expects central bank's benchmark funds rate rising past 5%. Mark Mahaney has positive outlook on tech stocks after brutal year for sector in 2022. December jobs report shows economy is still adding jobs at strong rate, but wage growth is slowing, suggesting inflation may be ebbing. Goldman Sachs said shares of legacy automakers and parts manufacturers will attract new investors as they transition toward electric vehicles and green technologies. ISM's non-
Sentiment: POSITIVE
Tickers: QUOTES, @CL.1, @LCO.1, BABA, 9999-HK, .AXJO, 1928-HK, 700-HK, 2020-HK, 520-HK, .HSI, 6862-HK, .SZI, 880-HK, 1128-HK, 2282-HK, .SSEC, .KS11,
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Source: https://www.cnbc.com/2023/01/09/asia-pacific-markets-hong-kong-and-mainland-china-resumes.html