The Fort Worth Press - Asian markets extend rally as optimism returns to trading floors

USD -
AED 3.673042
AFN 68.112673
ALL 94.198378
AMD 389.366092
ANG 1.801814
AOA 913.000367
ARS 1003.735016
AUD 1.538462
AWG 1.8025
AZN 1.70397
BAM 1.877057
BBD 2.018523
BDT 119.468305
BGN 1.877057
BHD 0.376794
BIF 2953.116752
BMD 1
BND 1.347473
BOB 6.908201
BRL 5.801041
BSD 0.99976
BTN 84.384759
BWP 13.658045
BYN 3.27175
BYR 19600
BZD 2.015164
CAD 1.39805
CDF 2871.000362
CHF 0.89358
CLF 0.035441
CLP 977.925332
CNY 7.243041
CNH 7.25914
COP 4389.749988
CRC 509.237487
CUC 1
CUP 26.5
CVE 105.825615
CZK 24.326204
DJF 178.031575
DKK 7.158304
DOP 60.252411
DZD 134.221412
EGP 49.650175
ERN 15
ETB 122.388982
EUR 0.95985
FJD 2.27595
FKP 0.789317
GBP 0.798053
GEL 2.740391
GGP 0.789317
GHS 15.795384
GIP 0.789317
GMD 71.000355
GNF 8617.496041
GTQ 7.717261
GYD 209.15591
HKD 7.78445
HNL 25.264168
HRK 7.133259
HTG 131.234704
HUF 395.000354
IDR 15943.55
ILS 3.70204
IMP 0.789317
INR 84.43625
IQD 1309.659773
IRR 42075.000352
ISK 139.680386
JEP 0.789317
JMD 159.268679
JOD 0.709104
JPY 154.770385
KES 129.468784
KGS 86.503799
KHR 4025.145161
KMF 472.503794
KPW 899.999621
KRW 1404.510383
KWD 0.30785
KYD 0.833149
KZT 499.179423
LAK 21959.786938
LBP 89526.368828
LKR 290.973655
LRD 180.450118
LSL 18.040693
LTL 2.95274
LVL 0.60489
LYD 4.882192
MAD 10.057392
MDL 18.23504
MGA 4666.25078
MKD 59.052738
MMK 3247.960992
MNT 3397.999946
MOP 8.015644
MRU 39.77926
MUR 46.850378
MVR 15.460378
MWK 1733.576467
MXN 20.428504
MYR 4.468039
MZN 63.910377
NAD 18.040693
NGN 1696.703725
NIO 36.786794
NOK 11.072604
NPR 135.016076
NZD 1.714237
OMR 0.384846
PAB 0.99976
PEN 3.790969
PGK 4.025145
PHP 58.939038
PKR 277.626662
PLN 4.16352
PYG 7804.59715
QAR 3.646048
RON 4.778204
RSD 112.294256
RUB 104.308748
RWF 1364.748788
SAR 3.754429
SBD 8.383555
SCR 13.699038
SDG 601.503676
SEK 11.036204
SGD 1.346604
SHP 0.789317
SLE 22.730371
SLL 20969.504736
SOS 571.332598
SRD 35.494038
STD 20697.981008
SVC 8.748021
SYP 2512.529858
SZL 18.034455
THB 34.480369
TJS 10.647152
TMT 3.5
TND 3.17616
TOP 2.342104
TRY 34.552504
TTD 6.790153
TWD 32.583504
TZS 2659.340659
UAH 41.35995
UGX 3694.035222
UYU 42.516436
UZS 12825.951341
VES 46.55914
VND 25419
VUV 118.722009
WST 2.791591
XAF 629.547483
XAG 0.031938
XAU 0.000369
XCD 2.70255
XDR 0.760497
XOF 629.547483
XPF 114.458467
YER 249.925037
ZAR 18.15566
ZMK 9001.203587
ZMW 27.617448
ZWL 321.999592
  • BCC

    3.4200

    143.78

    +2.38%

  • SCS

    0.2300

    13.27

    +1.73%

  • BCE

    0.0900

    26.77

    +0.34%

  • RIO

    -0.2200

    62.35

    -0.35%

  • CMSC

    0.0320

    24.672

    +0.13%

  • CMSD

    0.0150

    24.46

    +0.06%

  • GSK

    0.2600

    33.96

    +0.77%

  • JRI

    -0.0200

    13.21

    -0.15%

  • NGG

    1.0296

    63.11

    +1.63%

  • BTI

    0.4000

    37.38

    +1.07%

  • RBGPF

    59.2400

    59.24

    +100%

  • RELX

    0.9900

    46.75

    +2.12%

  • RYCEF

    -0.0100

    6.79

    -0.15%

  • VOD

    0.1323

    8.73

    +1.52%

  • BP

    0.2000

    29.72

    +0.67%

  • AZN

    1.3700

    65.63

    +2.09%

Asian markets extend rally as optimism returns to trading floors
Asian markets extend rally as optimism returns to trading floors

Asian markets extend rally as optimism returns to trading floors

Asian equities built on a rally across world markets Wednesday as investors become less worried about the Federal Reserve's plans to tighten monetary policy, while more strong corporate results lifted optimism about the outlook.

Text size:

And while there remains a lot of volatility and uncertainty on trading floors owing to geopolitical tensions and the Omicron spread, analysts remain upbeat for the year.

With much of the region still closed for the Lunar New Year break, business was again thin, though the markets that were open enjoyed strong buying interest following an upbeat performance in Europe and New York.

Tokyo, Sydney, Wellington and Manila were all up more than one percent, while Jakarta was 0.8 percent higher.

After a torrid January, world markets have enjoyed a strong rally over the past three days with commentators saying the selling may have gone too far and traders were buying bargains.

The positive mood has been helped by positive economic readings and comments from Fed officials indicating that the bank should be considered in their tightening cycle, with recent suggestions for a 50 basis point hike in March seen as too hard, too early.

Markets strategist Louis Navellier said the remarks revived the belief that the Fed was still prepared to step in to support markets if they suffered too much.

Still, the idea of five or six increases before 2023 has been aired on several occasions as policymakers battle to rein in four-decade-high inflation.

Observers remain upbeat.

"Fed tightening is still the path forward," Dennis DeBusschere, of 22V Research, said. "But a short-term rebound in equities will continue -- led by growth and cyclicals -- as investors focus on a narrative of 'peak tightening' ahead of what is likely to be a weak payroll report."

Carley Garner, founder of DeCarley Trading, told Bloomberg Television that while "stocks probably have a little further to move on the downside before they find a bottom", she thought 2022 would still end on a healthy note for investors.

This is "going to be probably the year to buy any big dip across the board in anything: Treasuries, stocks, commodities, everything", she said.

Traders are now preparing for policy decisions from the Bank of England and European Central Bank later in the week, while the release of US jobs data on Friday will provide the latest snapshot of the world's biggest economy.

Oil prices continued to rise, with Russia-Ukraine tensions fanning supply worries, adding to expectations that the global economic reopening and recovery will spur further demand improvements.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: UP 1.6 percent at 27,497.60 (break)

Hong Kong - Hang Seng Index: Closed for a holiday

Shanghai - Composite: Closed for a holiday

Dollar/yen: UP at 114.73 yen from 114.67 yen late Tuesday

Euro/dollar: UP at $1.1277 from $1.1269

Pound/dollar: UP at $1.3525 from $1.3519

Euro/pound: UP at 83.38 pence from 83.33 pence

West Texas Intermediate: UP 0.4 percent at $88.54 per barrel

Brent North Sea crude: UP 0.4 percent at $89.52 per barrel

New York - Dow: UP 0.8 percent at 35,405.24 (close)

London - FTSE 100: UP 1.0 percent at 7,535.78 (close)

P.Grant--TFWP