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Asian markets rally as earnings temper inflation, taper worries

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Central banks around the world are preparing to — or in some cases have started — winding back the vast financial support put in place at the start of the pandemic, which has helped economies rebound and pushed equities to record or multi-year highs.

However, traders have refound some of their mojo this week as strong earnings from banking giants including JP Morgan Chase, Morgan Stanley, Bank of America and Citigroup fuel hopes for a standout round of reports.

The S&P 500 on Wall Street had its best day since March, while the Dow and Nasdaq also saw big gains. Hong Kong enjoyed a positive return, having reopened after two days off, though Jakarta and Wellington dipped. “We’re likely going to continue to see this elevated inflation and probably well into 2022,” Wealth Enhancement Group’s Nicole Webb said on Bloomberg Television, adding that she saw November as the likely beginning of tapering.Her comments were echoed elsewhere, with analysts warning that inflation is not going to be a short-term issue, as many observers — as well as Fed officials — had suggested.

 

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