Asia stocks hit 4-month high on reopening of Chinese economy

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Asian shares rose on Thursday on investor hopes for China's emergence from the COVID-19 pandemic, while the dollar stayed under pressure even as the U.S. Federal Reserve had a warning against market bets on interest rate cuts this year.

ultra-strict curbs on travel and activity, unleashing the virus on the nation's 1.4 billion people. Many funeral homes and hospitals say they are overwhelmed, but investors hope that once the infection waves pass, life and spending can return to normal and are looking beyond the most immediate difficulties.

China's central bank also said overnight it will step up financing support to spur domestic consumption and key investment projects and support a stable real estate market., lifting the Hang Seng 2% to a six-month high while reopening hopes have driven China's yuan to four-month highs and supported regional stocks and currencies.an unofficial ban on Australian coal imports and the Australian dollar made a three-week high overnight just below $0.69. It last bought $0.6833.

"That is, insofar that premature rate cut bets drive looser financial conditions, the Fed may have to tighten even more to compensate."

Source: News Formal (newsformal.com)

 

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