HONG KONG, June 8 — Asian markets rallied Wednesday, building on a hearty performance on Wall Street and helped by the reopening in China, though analysts continue to warn of near-term volatility caused by surging inflation, rising interest rates and the Ukraine war.
The improved mood around tech has come after a report this week said China was close to ending a probe into ride-hailing app Didi Global and restoring its main apps this week. Citi analysts said the “announcement will also send a positive signal of policy support to the overall China internet sector”.
“It certainly feels like the tide is turning on the Mainland, though the overall tone still leans more cautiously optimistic, with key emphasis on ‘cautiously’.” All eyes are on the release Friday of US inflation data for a better idea about the Fed’s plans as it hikes borrowing costs.
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