Finance

Asian Stocks Up as Strong Apple Earnings Boost Sentiment, Volatility Remains



© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were mostly up on Friday morning, clawing back some of the losses from the previous two days. These losses were driven by the U.S. Federal Reserve signaled a tighter monetary policy.

Japan’s jumped 2.04% by 9:01 PM ET (2:01 AM GMT). Data released earlier in the day showed that the grew 0.2% year-on-year in January.

South Korea’s was up 0.79%.

In Australia, the rose 1.53%, with the producer price index growing 1.3% and 3.7% in the fourth quarter of 2021. Investors also await the , which will be handed down in the following week.

Hong Kong’s fell 0.79%. The city on Thursday shorted the quarantine period for arrivals from 21 to 14 days but extended current social distancing measures until Feb. 17.

China’s was down 0.44% while the rose 0.81%.

Moves in Asia were somewhat subdued overall ahead of the upcoming Lunar New Year holidays.

U.S shares also rallied on Thursday, boosted by strong Apple Inc. (NASDAQ:) earnings. However, they ended a volatile session lower, after again failing to hold intraday rallies. U.S. Treasuries were steady and the yield curve flatter.

Investors are still digesting the , handed down on Wednesday. Money markets are now pricing in as many as five Fed hikes in 2022 in line with the U.S. central bank’s hawkish tone, up from the three expected as recently as December 2021.

The prospect of reduced COVID-19-era stimulus, from the Fed and other central banks globally, has introduced volatility into the market. Global shares have lost over $7 trillion in January to date.

“Really what we are seeing is historic intraday volatility… it’s been a pretty amazing ride so far this year,” Susquehanna International Group co-head of derivatives strategy Chris Murphy told Bloomberg.

In U.S. data, released on Thursday, the grew a better-than-expected 6.9% quarter-on-quarter in the fourth quarter of 2021. grew 0.4% month-on-month in December, while Americans filed 260,000 over the past week.

Meanwhile, contracted 3.8% month-on-month in December.

Further data, including the , as well as the Michigan consumer and indexes for January, are due later in the day.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.