Asian stocks up after Wall Street dip on China's Covid-bruised data

Asian stocks
Asian stocks rose Tuesday despite a lukewarm lead from Wall Street after weak Chinese economic data showed the deep cuts of Beijing’s zero-Covid policy and added to inflation worries.

China has persisted in its strict zero-Covid policy to stamp out an Omicron-fuelled wave, ordering lockdowns in various cities and shuttering factories and ports.

The impact of this strategy on the world’s second-largest economy was revealed Monday when official data showed that retail sales and industrial production in April on-year had slumped to their lowest levels in more than two years.

World markets have also been roiled by surging inflation and Russia’s war in Ukraine -- leaving investors jittery.

"Markets remain in fight or flight mode while rolling the dice on recession odds," Stephen Innes of SPI Asset Management said.

"Investors’ hopes remain elevated that yesterday’s worse than expected Chinese outruns could prove to be a ‘whatever it takes’ moment, and local policymakers will step hard on the stimulus pedal."

Authorities in Shanghai -- China’s biggest city -- over the weekend announced they will reopen in stages, news that provided some cheer to Asian markets.

China also announced measures to help young people find jobs -- as the urban unemployment rate rose to its highest in over two years -- while officials have lowered the mortgage rate for first-time homebuyers.

On Tuesday, Asia markets opened higher with Hong Kong leading the way -- the Hang Sang Index rose more than two percent.

 



from latest-news - SUCH TV https://ift.tt/guOkHzF

Comments

Post a Comment

Popular posts from this blog

Study in UK with Studyinuk.pk

Image
 Study in UK with Studyinuk.pk Study in UK with studyinuk.pk is a platform where your get all the latest information about Study in UK. www.studyinuk.pk is providing quality services for students to get UK admission and UK study visa. for more information about Study in UK , Scholarships in UK, Study in uk without IELTS please visit our website  www.studyinuk.pk . 
Read more

Tesla pulls games on moving car screens after US safety probe

Image
Electric carmaker Tesla Inc will stop allowing video games to be played on vehicle screens while its cars are moving, the US National Highway Traffic Safety Administration said on Thursday. The move follows an announcement by the NHTSA on Wednesday that it had opened a formal safety investigation on 580,000 Tesla vehicles sold since 2017 over the automaker's decision to allow games to be played on the front center touchscreen while they are in motion. This functionality, referred to as “Passenger Play,” may distract the driver and increase the risk of a crash, the NHTSA has said. Tesla has informed the NHTSA that a software update will lock the "Passenger Play" feature and make it unusable when the vehicle is in motion, a spokesperson for the agency said in a statement. "The NHTSA constantly assesses how manufacturers identify and safeguard against distraction hazards that may arise due to faults, misuse, or intended use of convenience technologies, including i
Read more

FIA files case against Jahangir Tareen in sugar scam, money laundering

Image
The Federal Investigation Agency (FIA) has filed two FIRs against Jahangir Tareen and two other family members in sugar scandal and money laundering charges, on Wednesday. FIA Lahore registered cases against CEO of JWD Sugar Mills, Jahangir Tareen, his son Ali Tareen and son-in-law in the sugar scam. “Over three billion rupees money laundering made by showing investment in a closed factory,” according to the FIR. The investigation agency has also charged Tareen and others for illegal hoarding of sugar, misappropriation and cheating in the FIR. CEO of JWD Sugar Mills in an act of forgery transferred 3.14 billion rupees to a closed company, the FIR read. “In year 2011-12 over three billion rupees were transferred to Farooqi Pulp Milk Ltd,” according to the case. In year 2011-12 Tareen and family members also purchased dollars from the open market. His nominees transferred over seven million dollars to overseas for purchase of properties,” according to the FIR. The FIA in another
Read more

Pakistan, Iran set $5bn trade target by 2023

Image
Pakistan and Iran have agreed to take measures to expand the annual trade exchanges to $5 billion by the year 2023. “Understanding of the new trade target was reached during the ninth meeting of Iran-Pakistan Joint Trade Committee held in Tehran,” said a commerce ministry official announcement released on Saturday. Iranian Minister of Industry, Mines and Trade Reza Fatemi Amin said both countries were determined to expand annual trade exchanges. Emphasizing the need for accurate programming in a way that provides Pakistani partners with the opportunity to invest in Iran, the minister said that hurdles would be lifted within three months to pave the way for expansion of free trade. Mr Amin noted Pakistani and Iranian officials had already held talks on economic cooperation and the joint trade committee was tasked with paving the ground for enhancing trade ties between the two countries. He referred to the determination for expansion of bilateral economic relations, stipulating th
Read more

Japan’s health ministry has approved Dexamethasone, second treatment of COVID-19

Image
Japan’s health ministry has approved dexamethasone, a cheap and widely used steroid, as a second treatment of COVID-19 after a trial in Britain showed the drug reduced death rates in hospitalised patients. The ministry included dexamethasone as an option for treatment along with Gilead Sciences Inc’s antiviral drug remdesivir in a recent revision to its handbook. The revision was widely reported by Japanese media on Wednesday and was viewed by Reuters. In results announced last month, a trial by researchers in the United Kingdom showed dexamethasone as the first drug to save lives of COVID-19 patients in what scientists said was a major breakthrough in the coronavirus pandemic. The full results of the large randomised clinical trial released last Friday in the New England Journal of Medicine confirmed the benefits for people with advanced or moderate disease. Dexamethasone is a type of corticosteroid medication. It is used in the treatment of many conditions, including rheumatic
Read more

Sania Mirza to quit tennis this year

Image
Indian former doubles world number one Sania Mirza said on Wednesday she will retire from tennis at the end of this season with injuries taking their toll. It came after the 35-year-old, regarded as her country's greatest women's tennis player, bowed out of the Australian Open in the first round with her partner Nadiia Kichenok of Ukraine. “I have decided this will be my last season. I'm taking it week by week, not sure if I can last the season, but I want to,” she told press in Melbourne, in comments later confirmed to AFP by her father. “I still feel I can play well, go deep into tournaments and all that. But beyond this season, I don't see my body do it either. It's beat.” Mirza, who has won six Grand Slam doubles titles, is paired with America's Rajeev Ram in the mixed doubles at the Australian Open. They play on Thursday in the first round. Mirza, who is married to former Pakistan cricket captain Shoaib Malik, last won a women's doubles title at
Read more

Petrol may go up by Rs25, HSD by Rs40

Image
The federal government is mulling over a plan to cut subsidies on petroleum products in phases -- Rs25 per litre on petrol and Rs40 per litre on high speed diesel (HSD) in the first one -- in a bid to reduce the volume of the mounting price differential claims. The prices of petrol and high speed diesel (HSD) will jump up to Rs195 per litre and Rs230 per litre respectively, if the federal government withdraws all the subsidies on them at once. The subsidies on petroleum products continue to swell because of higher global oil prices and depreciation of the local currency against the US dollar that may lead to a higher budget deficit. In addition, the government is also facing problems of balance of payment and wants to avail the International Monetary Fund (IMF) bailout package. Sources said that government is currently giving a subsidy of Rs29.60 per litre on petrol. This volume may rise by Rs45.14 per litre if the government continues to keep the oil prices unchanged from the 16
Read more

I broke Bano Qudsia's home's tube light: Ex-Captain reveals

Image
Former Pakistan skipper Ramiz Raja, paying tribute to the acclaimed novelist Bano Qudsia on her 92nd birthday, shared an anecdote that most people are not aware of. The former captain, in a tweet, said: "Today’s Google Doodle honours Bano Qudsia, writer [and] a spiritualist." "[I] remember as a kid while playing tennis ball cricket at her home I broke her verandas tube light," the cricket commentator said. However, as Raja readied himself for a scolding, he got nothing but affection from Qudsia as she, with a warm expression, just wanted to know whether he was fine or not. Google honours legendary writer Google today honoured the legendary Urdu writer on her 92nd birthday with a special doodle.   Today’s Google Doodle honours Bano Qudsia, writer & a spiritualist. Remember as a kid while playing tennis ball cricket at her home I broke her verandas tube light. Readying myself for a dressing down, all I got from her instead was a warm expression to know i
Read more

COAS Bajwa awarded highest UAE honour

Image
Chief of Army Staff (COAS) General Qamar Javed Bajwa was conferred with the Order of the Union Medal, the second highest honour of United Arab Emirates, for his distinguished efforts in strengthening UAE-Pakistan ties. According to the Inter-Services Public Relations (ISPR), the army chief had paid an official visit to United Arab Emirates and called on UAE President Sheikh Mohamed bin Zayed. Matters of mutual interest, bilateral defence and security cooperation and regional security situation were discussed during the meeting. “Both the personalities agreed that Pakistan and UAE share a great history of the cordial and deep-rooted spirit of brotherhood which is transforming into an enduring partnership,” the ISPR said. The military’s media wing added that COAS Bajwa was conferred upon Order of the Union Medal by UAE President for making significant contributions in furthering bilateral ties between both the countries. from latest-news - SUCH TV https://ift.tt/3CzrRux
Read more