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Asia-Pacific shares mostly rise as focus moves back to rates from banks

by Index Investing News
March 29, 2023
in Financial
Reading Time: 2 mins read
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Japan +0.91%.

China -0.09%

Hong Kong +2.05%.

Australia +0.23%. Australian monthly CPI (February) 6.8% (vs. expected 7.1%).

India +0.31%.

Overnight in the U.S., all three major indexes fell, with the tech-heavy Nasdaq Composite losing 0.45%, the S&P 500 falling 0.16%, and the Dow Jones Industrial Average shedding 37.83 points, or 0.12%. The Nasdaq led the decline in the major averages, falling 52.76 points to close at 11,716.08. Meanwhile, the Dow Jones dipped 37.83 points to end at 32,394.25 and the S&P 500 slipped 6.26 points to finish at 3,971.27.

Investors turned their attention away from the banking sector, which seems to have stabilized after its recent turmoil, and to the fork in the road the Federal Reserve faces on interest rates.

Shares of Chinese tech giant Alibaba jumped 15% on Wednesday in early trade, after the e-commerce giant said it will split its company into six business groups.

Crude prices rose for a third day in early Asian trade on Wednesday as a halt to some exports from Iraqi Kurdistan raised concerns of tightening supply and market sentiment improved as fears of a banking crisis eased.

Brent crude futures rose 42 cents, or 0.5%, to $79.07 a barrel at 0046 GMT. West Texas Intermediate U.S. crude climbed 59 cents, or 0.8%, to $73.79 a barrel.

US futures higher. Dow Jones +0.38%; S&P 500 +0.50%; Nasdaq +0.50%.

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