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Shares In Asia Rise As U.S. Market Rallies Ahead Of Expected Rate Hike
- By The Financial District
- Sep 20, 2022
- 2 min read
Asian shares mostly rose Tuesday, Sept. 20, 2022, after Wall Street closed higher on a late buying spree following recent losses as investors await another interest rate increase by the US Federal Reserve, Yuri Kageyama reported for the Associated Press (AP).
Photo Insert: On Monday, Wall Street indexes swayed between modest gains and losses for much of the day before a burst of buying in the final hour of trading.
Japan reported that its consumer inflation jumped in August to 3.0%, its highest level since November 1991 but well below the 8% plus readings in the U.S. Core inflation excluding volatile fresh food prices climbed 2.8%.
The Bank of Japan is set to have a two-day monetary policy meeting later this week, although analysts expect the central bank to stick to its easy monetary policy. Japan’s benchmark Nikkei 225 added 0.4% in morning trading to 27,672.59.
Australia’s S&P/ASX 200 jumped 1.2% to 6,797.30. South Korea’s Kospi added 0.5% to 2,368.09. In China, where the loan prime rate was kept unchanged, the Shanghai Composite added 0.5% to 3,130.86. Hong Kong’s Hang Seng added 1.3% to 18,810.35.
On Monday, Wall Street indexes swayed between modest gains and losses for much of the day before a burst of buying in the final hour of trading. The S&P 500 rose 0.7%, climbing back from a 0.9% slide. It closed at 3,899.89.
The Dow Jones Industrial Average rose 0.6% to 31,019.68 and the Nasdaq composite climbed 0.8% to 11,535.02. Technology stocks, retailers, banks and industrial companies helped lift the market.
Apple rose 2.5%, Home Depot gained 1.6%, Bank of America rose 1.7% and United Airlines closed 3.3% higher, Damian J. Troise and Alex Veiga also reported for AP.
Average long-term US mortgage rates climbed above 6% last week for the first time since the housing crash of 2008. The higher rates could make an already tight housing market even more expensive for American homebuyers.
In energy trading, benchmark US crude gained 5 cents to $85.41 a barrel in electronic trading on the New York Mercantile Exchange. It rose 60 cents to $85.36 a barrel on Monday.
Brent crude, the international standard, picked up 13 cents to $92.13 a barrel. In currency trading, the US dollar edged down to 143.20 Japanese yen from 143.22 yen. The euro rose to $1.0030 from $1.0024.
