Asian shares rose Wednesday as investors awaited a widely anticipated decision by the U.S. Federal Reserve on interest rate policy.
Japan’s benchmark Nikkei 225 JP:NIK jumped 1.6% in morning trading. Australia’s S&P/ASX 200 AU:XJO added 0.9% and South Korea’s Kospi KR:180721 gained 0.8%. Hong Kong’s Hang Seng HK:HSI rose 2.4%, while the Shanghai Composite CN:SHCOMP was flat. Stocks in Singapore SG:STI, Taiwan TW:Y9999, Malaysia MY:FBMKLCI and Indonesia ID:JAKIDX were mixed.Japan’s benchmark Nikkei 225 NIK jumped 1.6% in morning trading. Australia’s S&P/ASX 200 XJO added 0.9% and South Korea’s Kospi 180721 gained 0.
Inflation is already at its highest level in generations, and the most recent numbers don’t include the surge in oil prices after Russia invaded Ukraine. The move comes as central banks around the world are preparing to pull the plug on support poured into the global economy after the pandemic struck.
Renewed COVID-19 worries in some regions plus a lengthy list of other concerns have caused wild hour-to-hour swings in markets in recent weeks. The war in Ukraine has pushed prices for oil, wheat and other commodities the region produces sharply higher. That’s raising the threat that already high inflation will persist and combine with a potentially stagnating economy.
U.S. data released Tuesday showed inflation was still very high at the wholesale level last month, but at least it wasn’t accelerating. Producer prices were 10% higher in February from a year earlier, the same rate as in January. On a month-to-month basis, inflation rose 0.8% in February from January, versus forecasts for 0.9%. That’s a slowdown from January’s 1.2% month-over-month increase.
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