Asian Shares Up As Wall Street Records Puny Gains
Shares were mostly higher in Asia on Thursday, Sept. 15, 2022, after a wobbly day of trading yielded modest gains on Wall Street, Elaine Kurtenbach reported for the Associated Press (AP).
Photo Insert: US futures inched up while oil prices were mixed. Shanghai’s benchmark lost 1% to 3,204.93 after China’s central bank left its benchmark lending rate unchanged.
US futures inched up while oil prices were mixed. Shanghai’s benchmark lost 1% to 3,204.93 after China’s central bank left its benchmark lending rate unchanged. While other major economies are raising rates to cool inflation, China’s economy has been slowing and inflation remains moderate.
Tokyo’s Nikkei 225 index gained 0.5% to 27,946.20. Japan reported a record trade deficit for the month of August, driven by high costs for imports of energy and other commodities and a weak yen.
In Hong Kong, the Hang Seng index was 0.5% higher, at 18,941.04, while the Kospi in Seoul edged 0.1% higher to 2,413.07. Australia’s S&P/ASX 200 added 0.6% to 6,869.60.
A report on inflation at the wholesale level showed prices are still rising rapidly, with pressures building underneath the surface, even if overall inflation slowed. It echoed a report on inflation at the consumer level Tuesday, which raised expectations for interest-rate hikes and triggered a rout for markets.
The S&P 500 added 0.3% Wednesday to 3,946.01, while the Dow inched 0.1% higher, to 31,135.09. The Nasdaq gained 0.7% to 11,719.68, and the Russell 2000 picked up 0.4% to close at 1,838.46.
Traders now see a one-in-four chance the Fed may hike its benchmark rate by a full percentage point next week, quadruple the usual move, according to CME Group. A day earlier, it was closer to a one-in-three chance. The site puts the probability of a three-quarter percentage point increase now at 76%, up from 69% on Tuesday.