Berliner Boersenzeitung - Asian markets mixed as US rate saga plays against China reopening

EUR -
AED 4.033814
AFN 75.203219
ALL 98.853896
AMD 424.245886
ANG 1.978252
AOA 1013.656537
ARS 1066.640597
AUD 1.615587
AWG 1.976795
AZN 1.863257
BAM 1.957849
BBD 2.216329
BDT 131.167261
BGN 1.957904
BHD 0.414045
BIF 3193.656559
BMD 1.098219
BND 1.431505
BOB 7.600989
BRL 5.978487
BSD 1.097639
BTN 92.176879
BWP 14.51926
BYN 3.591997
BYR 21525.097055
BZD 2.212454
CAD 1.49148
CDF 3152.987251
CHF 0.938714
CLF 0.036841
CLP 1016.950821
CNY 7.708733
CNH 7.757194
COP 4576.960459
CRC 570.755694
CUC 1.098219
CUP 29.10281
CVE 110.380508
CZK 25.346923
DJF 195.465436
DKK 7.45746
DOP 66.289671
DZD 146.100532
EGP 53.155566
ERN 16.473289
ETB 131.13662
FJD 2.397964
FKP 0.836359
GBP 0.839146
GEL 3.009194
GGP 0.836359
GHS 17.398127
GIP 0.836359
GMD 75.777185
GNF 9473.914029
GTQ 8.493927
GYD 229.549168
HKD 8.529479
HNL 27.294563
HRK 7.466805
HTG 144.752136
HUF 402.046637
IDR 17282.676141
ILS 4.157655
IMP 0.836359
INR 92.23861
IQD 1437.911257
IRR 46240.520762
ISK 148.501063
JEP 0.836359
JMD 173.551614
JOD 0.778314
JPY 162.664927
KES 141.593626
KGS 93.017736
KHR 4465.693481
KMF 493.045569
KPW 988.396691
KRW 1476.105801
KWD 0.336483
KYD 0.914761
KZT 532.272152
LAK 23970.411367
LBP 98297.111077
LKR 322.033535
LRD 211.852659
LSL 19.108283
LTL 3.242756
LVL 0.664302
LYD 5.234597
MAD 10.785587
MDL 19.28627
MGA 5044.911778
MKD 61.575326
MMK 3566.973244
MNT 3731.74892
MOP 8.78165
MRU 43.446465
MUR 51.154681
MVR 16.857689
MWK 1903.40049
MXN 21.239228
MYR 4.703647
MZN 70.173825
NAD 19.108283
NGN 1778.67869
NIO 40.392269
NOK 11.654736
NPR 147.47158
NZD 1.784667
OMR 0.422834
PAB 1.097664
PEN 4.089079
PGK 4.373577
PHP 62.512286
PKR 304.766349
PLN 4.321482
PYG 8557.955519
QAR 4.000987
RON 4.977457
RSD 117.000977
RUB 105.929478
RWF 1488.751134
SAR 4.12492
SBD 9.091842
SCR 14.957097
SDG 660.566611
SEK 11.365515
SGD 1.430524
SHP 0.836359
SLE 25.091347
SLL 23029.102654
SOS 627.35936
SRD 34.261512
STD 22730.920921
SVC 9.605051
SYP 2759.308711
SZL 19.097811
THB 36.669219
TJS 11.679169
TMT 3.85475
TND 3.374231
TOP 2.572142
TRY 37.617631
TTD 7.443247
TWD 35.319823
TZS 2992.64747
UAH 45.226157
UGX 4034.24002
USD 1.098219
UYU 45.757884
UZS 14022.674104
VEF 3978356.882193
VES 40.611023
VND 27296.239148
VUV 130.382794
WST 3.072227
XAF 656.647142
XAG 0.034372
XAU 0.000413
XCD 2.967992
XDR 0.816495
XOF 656.659113
XPF 119.331742
YER 274.885048
ZAR 19.091048
ZMK 9885.301527
ZMW 29.093843
ZWL 353.626146
  • RIO

    -0.1300

    69.7

    -0.19%

  • CMSC

    -0.0400

    24.7

    -0.16%

  • BTI

    0.1800

    35.29

    +0.51%

  • NGG

    -0.4700

    66.5

    -0.71%

  • GSK

    0.4500

    38.82

    +1.16%

  • SCS

    0.3500

    12.97

    +2.7%

  • CMSD

    -0.0770

    24.813

    -0.31%

  • BCE

    -0.1300

    33.71

    -0.39%

  • BCC

    0.6100

    138.9

    +0.44%

  • RBGPF

    58.9400

    58.94

    +100%

  • RYCEF

    0.0000

    6.98

    0%

  • BP

    0.4200

    32.88

    +1.28%

  • AZN

    -0.4600

    77.47

    -0.59%

  • JRI

    -0.0200

    13.28

    -0.15%

  • RELX

    -0.3200

    46.29

    -0.69%

  • VOD

    -0.0300

    9.66

    -0.31%

Asian markets mixed as US rate saga plays against China reopening
Asian markets mixed as US rate saga plays against China reopening / Photo: CHIP SOMODEVILLA - GETTY IMAGES NORTH AMERICA/AFP

Asian markets mixed as US rate saga plays against China reopening

Stocks were mixed in Asia on Thursday after the previous day's rally but trading was subdued as Federal Reserve interest rate hike worries returned to the agenda with two top officials warning more tightening will be needed to slay inflation.

Text size:

The region enjoyed a much-needed day in the sun Wednesday after forecast-busting Chinese factory data reinforced optimism the world's number two economy will bounce back strongly this year as it emerges from its pandemic isolation.

However, the long-running saga over prices, borrowing costs and recession speculation returned to the fore in US trading.

The S&P 500 and Nasdaq closed in the red after the comments from Fed policymakers Raphael Bostic and Neel Kashkari, which pointed to rates going higher than feared and for an extended period.

Atlanta Fed chief Bostic warned they could go well above five percent, adding that once inflation had come down to the bank's two percent target officials should not loosen policy too soon.

"History teaches that if we ease up on inflation before it is thoroughly subdued, it can flare anew," he wrote. "That happened with disastrous results in the 1970s."

And Minneapolis boss Kashkari said he was still "open-minded" about backing a 50-basis-point hike at the next policy meeting, double the most recent increase.

"We’re not yet seeing much of a sign of our interest-rate increases slowing down the services sector of the economy and that is concerning to me," he said.

"Wage growth is at a level that it actually is too high to be consistent" with the Fed's two percent target.

There is a growing expectation rates will top out around 5.5 percent, though some commentators are tipping six percent, from the current 4.5-4.75 percent.

The comments came as fresh data showed the US Institute for Supply Management's manufacturing report showed a jump in the prices index, while the yield on 10-year US Treasuries -- a proxy for future rates -- broke four percent for the first time since November.

And inflation continues to hold up in Europe.

In early Asian trade, Hong Kong retreated after a four percent surge Wednesday, while Tokyo, Shanghai, Singapore, Wellington and Taipei were also in the red.

However, Sydney, Seoul, Manila and Jakarta edged higher.

Still, the China reopening narrative provided some support for nervous investors.

"The good news out of China is what the market has really needed at this point where globally we are seeing these inflation concerns not dying out," Charu Chanana, of Saxo Capital Markets, told Bloomberg Television.

However, she added that even this could prove problematic for those worried about inflation.

"The China reopening story adds cyclical upside pressure because of the sheer amount of demand that China can create," she said.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: DOWN 0.1 percent at 27,495.69 (break)

Hong Kong - Hang Seng Index: DOWN 0.7 percent at 20,481.46

Shanghai - Composite: DOWN 0.1 percent at 3,310.01

Pound/dollar: DOWN at $1.2003 from $1.2024 on Wednesday

Euro/pound: UP at 88.73 pence from 88.71 pence

Euro/dollar: DOWN at $1.0650 from $1.0672

Dollar/yen: UP at 136.39 from 136.17 yen

West Texas Intermediate: UP 0.1 percent at $77.75 per barrel

Brent North Sea crude: UP 0.1 percent at $84.38 per barrel

New York - Dow: FLAT at 32,661.84 (close)

London - FTSE 100: UP 0.5 percent at 7,914.43 (close)

(A.Lehmann--BBZ)