Stocks largely rise ahead of Powell’s Jackson Hole speech

A man looks at an electronic board displaying share information at the Australian Securities Exchange, operated by ASX Ltd. March 16, 2020 in Sydney, Australia.

Brendon Thorne | Getty Images

Shares in the Asia-Pacific rose on Friday as investors look ahead to Fed Chairman Jerome Powell̵[ads1]7;s speech at Jackson Hole later in the state.

In Australia, the S&P/ASX 200 rose 0.79% to close at 7,104.1.

Chinese technology stocks listed in both Hong Kong and the US were higher. It came as the Wall Street Journal reported that Washington and Beijing are close to reaching an agreement that would allow US accounting authorities to inspect audit documents in Hong Kong.

Fears of delisting have plagued US-listed Chinese companies in recent months due to the audit dispute. In Hong Kong, Alibaba shares rose 2.13% and Baidu rose 2.54%. That compared with a 1.01% rise to 20,170.04 in the broader Hang Seng index.

Japan’s Nikkei 225 added 0.57% to 28,641.38 while the Topix added 0.15% to 1,979.59.

South Korea’s Kospi rose 0.15% to 2,481.03 and the Kosdaq fell 0.61% to 802.45.

Mainland China’s Shanghai Composite ticked down 0.31% to 3,236.22, and the Shenzhen component lost 0.366% to 12,059.71.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.54% higher.

“Hacky comments from an overnight group of Fed speakers had little bearing as markets await Powell’s keynote at Jackson Hole tonight,” Taylor Nugent, an economist at National Australia Bank, wrote in a note on Friday. He noted that Fed spokesmen have said the central bank’s task of fighting inflation is not over and that interest rates must enter restrictive territory.

Overnight, major indices rose in the US. The Dow Jones Industrial Average jumped 322.55 points, or 0.98%, to 33,291.78. The S&P 500 added 1.41% to 4,199.12, and the Nasdaq Composite added 1.67% to 12,639.27.

A number of Hong Kong-listed companies will report earnings, including Meituan.

Source link

Back to top button