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Asian stocks head higher as dollar falters

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Asian markets on course for best week in months after the European Central Bank raises rates

A man holding an umbrella is silhouetted as he walks in front of an electric monitor displaying the Japanese yen exchange rate against the dollar and Nikkei share average in Tokyo, Japan, on July 14 2022. Picture: REUTERS/ISSEI KATO

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.03%, but the index is still set for its best week in about two months. “While the ECB was never going to move by more than 50 bps — as we have seen from many other central banks — the 50 bps lift still came as a surprise to many,” said Susan Kilsby, an economist at ANZ, in a note. “But tightening rates quickly has now become the norm.”

Snap’s accompanying warning of the effect of an economic slowdown on internet companies caused the share price to plummet nearly 27% in after-hours trade. Twitter will release its earnings later today.

 

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