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Business Maverick: Stocks push higher after UK reversal, S&P rally: markets wrap

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Stocks in Asia rebounded after the S&P 500 closed above a key technical level and the UK reversed more of its unfunded tax cuts, bolstering global market sentiment.

A gauge of the region’s equities rose, led by technology stocks in Hong Kong. Shares of Chinese electric-vehicle maker BYD Co jumped more than 6% on an expected surge in third-quarterThe Japanese yen paused in its run toward the closely watched 150 per dollar level, which has investors on high alert for possible intervention. Finance Minister Shunichi Suzuki said he was watching market moves with a sense of urgency.

China’s decision to delay the publication of key economic data including third-quarter gross domestic product may inject a note of caution to trading in the region. The Communist Party congress provided few signs of a let up in China’s Covid-zero and property-market policies that are weighing on the economy.

by Bloomberg economists Anna Wong and Eliza Winger forecast a higher probability of such an event across all time frames – with the 12-month estimate of a downturn by October 2023 hitting 100%. That’s up from 65% for the comparable period in the previous update.

 

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