A currency trader walks near the screens showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at a foreign exchange dealing room in Seoul, South Korea, Wednesday, Jan. 11, 2023. Asian shares were mostly higher Wednesday, boosted by a rally on Wall Street that came ahead of some potentially market-moving reports due later in the week.
Shares of Fast Retailing Co., which operates the popular Japanese Uniqlo clothing retailer, rose 1.4% after the company announced that it was raising the salaries of its workers by up to 40%. The stock market has had a positive start to 2023. helped by hopes that cooling inflation and a slowing economy may convince the U.S. Federal Reserve to ease off its markets-shaking hikes to interest rates. Since early last year, the Fed has been raising rates at a furious pace to bring painful inflation under control. Such moves risk causing a recession and hurt investment prices.
Past rate increases and high inflation have already hurt economic activity around the world, and the Fed has pledged to keep rates high for a while to ensure the job is done on inflation. It doesn't envision any rate cuts until 2024.
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Source: MarketWatch - 🏆 3. / 97 Read more »