Business Maverick: China tech lifts Asian stocks from pre-Fed torpor: Markets wrap

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Stocks in Asia received a fillip on Tuesday from China’s technology sector, helping to alleviate some of the caution in global markets ahead of a hotly anticipated Federal Reserve interest-rate hike.

An Asian share index pushed higher, with Alibaba Group Holding leading the advance in China tech. The e-commerce giant plans toa primary listing in Hong Kong, paving the way for investors in China to directly buy its shares.

S&P 500 and Nasdaq 100 futures were in the red but off the day’s lows. Sentiment had taken a knock from a late-dayin retailer Walmart on a disappointing profit outlook. Its projection could fan worries about corporate prospects as the US flirts with a recession amid tightening monetary settings. The 10-year US Treasury yield was little changed, oscillating around 2.78%. Traders are braced for a wave of debt sales and a widely expected 75 basis points Fed rate rise on Wednesday, part of a campaign to tackle inflation.

A dollar gauge is near the lowest level since early July. Commodities rallied, taking oil past $98 a barrel. But Bitcoin tumbled to the brink of $21,000. Markets are bracing not just for the Fed and any policy signals from Chair Jerome Powell, but also corporate reports from the likes of Apple and Alphabet. Other risks include ongoing

 

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