A woman walks past a panel displaying the afternoon trading Hang Seng Index, after Beijing’s plans to impose national security legislation in Hong Kong, China May 22, 2020. ― Reuters picHONG KONG, May 14 — Bargain-buying helped most Asian markets recover some of this week’s steep losses, with investors tracking a rally on Wall Street and taking heart from a forecast-beating jobless claims report, though inflation fears continue to cast a dark cloud over trading floors.
That has seen them sell firms at risk from higher interest rates, such as in the tech sector, and buy those that benefit, like financials. The Dow and S&P 500 both rose more than one per cent, while the tech-rich Nasdaq also enjoyed healthy gains. The yield on benchmark 10-year Treasuries — a key gauge of future inflation — also eased.Asia broadly followed suit. Tokyo piled on more than two per cent and the heavily tech-weighted Taipei index climbed one per cent after suffering massive losses this week.
“We’re going to have some interesting days but the runway is there from an economic perspective for this rotation to keep going.”
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