Business Maverick: Asian Stocks Boosted by Hong Kong; Treasuries Drop: Markets Wrap

📆 2022-04-04 7:50 AM
📰 dailymaverick

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Stocks got a boost on Monday from a rally in Hong Kong spurred by China’s move to ease a dispute with the US over audits. Treasuries fell on the prospect of sharp Federal Reserve interest-rate hikes to fight inflation.

a key hurdle that impeded full US access to audits. The spat imperils the Wall Street listings of Chinese companies unless it can be resolved.

Oil fell, extending a drop sparked by a U.S. announcement of an unprecedented release of strategic reserves to fight elevated energy costs. A worsening Covid outbreak and lockdowns in China also pose a threat to demand. The Fed minutes later this week will shape views on the odds of a half percentage-point rate increase in May and provide key details on how the central bank will shrink its balance sheet.

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