Business Maverick: Asian stocks extend gains after US equities rally: markets wrap

📆 5/10/2022 5:49 PM
📰 dailymaverick

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Asian stocks extended a rally on Wednesday following the best two-day run for US equities in more than two years, as investors began to anticipate a slowing to central bank tightening that could jolt risk assets higher.

Hong Kong stocks jumped after a one-day break and Australian, Japanese and South Korean shares rose as improving risk sentiment dragged global equities from oversold levels. US and European stock futures inched lower after the S&P 500 jumped 3.1% on Tuesday and the Euro Stoxx 50 enjoyed its best day since March. Elon Musk revived his $44-billion bid for Twitter, which soared 22%.

A Fed official speaking on Tuesday indicated further tightening ahead for the US central bank, dousing hopes that peak interest rates may be near. “There are a lot more bonds for sale,” Gibbs said. “That pushes prices down and yields up. That would make bonds more attractive than equities and put more and more headwinds on equities.”

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Business Maverick: Stocks struggle, oil price jump saps sentiment: markets wrapStocks in Asia struggled to gain traction and US equity futures fluctuated as negative sentiment persisted in markets amid fear that global central banks will keep hiking rates until inflation is tamed, raising the risk of a recession.
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