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Asia-Pacific markets mostly higher following two day up streak as Wall Street cheers Fed

by Index Investing News
November 24, 2022
in Markets
Reading Time: 2 mins read
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Japan +0.98%. Japan preliminary November PMI, manufacturing plunges to contraction, services on the edge.

China -0.14%.

Hong Kong +0.72%.

Australia +0.14%.

India +0.49%.

Overnight on Wall Street, the major US indices stocks closed higher for a second day on hopes the central bank is seeing progress in its tight to tackle high inflation. The Dow industrial average up 97 points or 0.28% at 34195.10. The S&P index is up 23.88 points or 0.60% at 4027.45. The NASDAQ index is up 110.92 points or 0.99% at 11285.33.

The FED minutes showed that the central bank sees progress in its fight to lower inflation and expects to slow the pace of interest rate hikes going forward; likely deliver a smaller rate hike in December and in the early months of 2023.

Markets in U.S. are closed on Thursday for the Thanksgiving holiday and will close early on Friday.

Bank of Korea has hiked its base rate by 25bp to 3.25% (as expected).

Oil prices fell on Thursday, extending losses from the previous session, as fears of supply disruption eased on news that the Group of Seven (G7) nations were considering a high price cap on Russian oil.

A greater-than-expected build-up in U.S. gasoline inventories added to downward pressure.

Brent crude futures had slid 43 cents, or 0.5%, to $84.98 a barrel by 0102 GMT, while U.S. West Texas Intermediate futures dropped 35 cents, or 0.5%, to $77.59 a barrel.

Gold prices bounced above the key $1,750 an ounce level on Thursday, consolidating gains after minutes of the U.S. Federal Reserve’s latest meeting signalled slower interest rate hikes.

Spot gold rose 0.4% to $1,755.73 per ounce by 0321 GMT. U.S. gold futures advanced 0.6% to $1,755.90.

Spot silver rose 0.5% to $21.62 per ounce, platinum added 0.3% to $999.38, while palladium gained 0.7% to $1,894.75.

U.S. futures higher. Dow Jones +0.11%; S&P 500 +0.16%; Nasdaq +0.17%.



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Tags: AsiaPacificCheersDayFedhigherMarketsstreakStreetwall
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