Asian stocks higher after Wall St rebounds from bank jitters

A currency trader talks on the phone near the screen showing the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Wednesday, March 15, 2023. Asian stock markets rebounded Wednesday after Wall Street stabilized following sharp declines for bank stocks and U.S. inflation eased but stayed high. BEIJING — — Asian stock markets rebounded Wednesday after Wall Street stabilized following declines for bank stocks and U.S.

“The anchoring of less hawkish expectations provided some catalyst for risk sentiments to recover,” said Yeap Jun Rong of IG in a report. “There were also no new negative headlines of another bank or funds in trouble, which allows investors’ sentiments to settle down.” The Shanghai Composite Index rose 0.7% to 3,267.15 after Chinese economic activity improved in January and February but less than expected after anti-virus controls ended. Retail sales rose 3.5% over a year earlier, rebounding from December's 1.% contraction. Factory output rose 2.4%, up from 1.3%.

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