02.02.2023 02:33 PM
Asian markets extend uptrend on Thursday amid increased optimism

This image is no longer relevant

Asian stock indexes continued to advance on Thursday. In China, the Shanghai Composite and Shenzhen Composite gained 0.06% and 0.41%, respectively, while the Hang Seng Index in Hong Kong rose by 0.03%. The S&P/ASX 200 and the Nikkei 225 went up by 0.13% and 0.27%, respectively. The KOSPI was the best performing index and increased by 0.95%.

Asian indexes followed the US market, where indexes gained 2% after the Fed hiked the interest rate by 0,25% up to 4,5-4,75%. This decision was made unanimously and matched forecasts, and markets expected it as well.

According to Fed Chairman Powell, there was a real opportunity to bring inflation back to 2% without raising the unemployment rate significantly and slowing down economic growth. At the same time, he said interest rates should continue to rise in order to limit CPI growth.

Meanwhile in South Korea, consumer prices increased by 5.2% in January 2023 from 5% in December, according to the latest data. Inflation hit the highest level in three months. It also exceeded analysts' forecasts of a 4.95% increase. Month-on-month, inflation rose by 0.8%, compared to December's 0.2% increase.

The KOSPI went up as a number of stocks increased, such as Samsung Electronics, which rose by 2.8%, and Hyundai Motor, which added 0.2%.

The Nikkei 225 was boosted by M3, Inc. which added 4.3%, Hitachi, Ltd. which gained 4.2%, as well as SCREEN Holdings, Co. Ltd., which went up by 3.8%.

Baidu advanced by 7.1% thanks to the report by US-based BlackRock, Inc. that it had increased its stake in the company from 5.4% to 6.6% at the end of 2023.

Sunny Optical Technology Group increased by 4.4%, China Unicom (Hong Kong) gained 3.8% and Xiaomi rose by 3.3%. Shares of Netease, Inc. and JD.com, Inc. gained 0.7% and 0.9%, respectively.

The S&P/ASX 200 was boosted by shares of Megaport, Ltd., which gained 11.1%. At the same time, shares of Rio Tinto lost 2.3% while BHP dropped by 1.4%.

Anastasia Kravtsova,
Analytical expert of InstaForex
© 2007-2023
Euro vs US Dollar
Select timeframe
Start trade
Start trade
  • Grand Choice
    Contest by
    InstaForex always strives to help you
    fulfill your biggest dreams.
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

Euro jumps ahead of US dollar as ECB and Fed fight inflation

At the end of the week, the euro has overtaken the US dollar, with EUR/USD maintaining its momentum despite concerns that it could run out of steam after hitting

Larisa Kolesnikova 09:06 2023-03-31 UTC+2

US stock market closes higher, Dow Jones gains 0.43%

At the same time, there are indicators that hold back the growth of Wall Street, for example, internal macro statistics. So, earlier, the US Department of Commerce lowered the estimate

Thomas Frank 04:25 2023-03-31 UTC+2

Gold could return to recent highs

Gold prices were down on the charts during Thursday's Asian session, but it eventually increased. Gold futures trading on the COMEX division of the NYMEX fell to $1983 or 0.07%

Natalia Andreeva 23:19 2023-03-30 UTC+2

US jobless claims are on the rise

Jobless claims among Americans rose for the first time in three weeks. This shows some weakening of the still robust labor market, where employers are hesitant to lay people

Egor Danilov 23:19 2023-03-30 UTC+2

Oil prices have many positive factors for growth

Oil prices were up and down on Wednesday afternoon. The West Texas Intermediate (WTI) for May delivery was trading at $73.39 a barrel, up 0.36% on the New York Mercantile

Natalia Andreeva 23:43 2023-03-29 UTC+2

EUR/USD: the euro is teasing the dollar with ECB backing

The euro keeps its high ground against the dollar, though many analysts expect the latter to decline moderately. Nonetheless, the single currency is defending its right to lead

Larisa Kolesnikova 08:33 2023-03-29 UTC+2

US stock market closed lower, Dow Jones down 0.12%

At the close in the New York Stock Exchange, the Dow Jones fell 0.12%, the S&P 500 index fell 0.16%, the NASDAQ Composite index fell 0.45%. The attention of traders

Thomas Frank 04:22 2023-03-29 UTC+2

Is the euro missile a short flight? Perhaps it will fall soon

The European currency has made a significant leap, taking advantage of some of the dollar's confusion. The latter has repeatedly recovered from its falls, but now it's losing

Larisa Kolesnikova 09:09 2023-03-28 UTC+2

EUR struggles to go bullish against USD

On Friday, the single European currency fell by almost 0.7% against its American counterpart to 1.0760. The EUR/USD pair closed in the red zone for the second

Viktor Isakov 09:01 2023-03-28 UTC+2

US stock market closed mixed, Dow Jones up 0.60%

The US stock market ended trading on Monday in different directions due to the strengthening of the sectors of oil and gas, finance and telecommunications. The market demonstrates against

Thomas Frank 04:32 2023-03-28 UTC+2
提出您的问题,用 在线帮助.