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Business Maverick: Stocks seesaw in Asia amid focus on China, Fed: markets wrap

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Volatile trading pushed stocks between losses and gains in Asia as investors weighed Covid developments in China and awaited a speech from Federal Reserve chair Jerome Powell later on Wednesday.

Hong Kong’s benchmark equities opened lower, snapped higher and then began sliding again in the first hour of trading. It was a similar picture for mainland shares.

US futures edged higher after stocks on Wall Street closed down and ahead of the speech by Powell on the economy and the labour market. Amid the turmoil, a gauge of global stocks was on course for a second monthly advance, which has trimmed its loss so far this year to 18%. Bonds were also poised for a monthly gain, along with losses for 2022 on new par with equities.this week to the highest level since 2012, heaping pressure on investors seeking to hedge risk by splitting their portfolios between the two asset classes.

 

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