Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Shares in Asia are rising after the sale of Wall Street technology

Shares in Asia are rising after the sale of Wall Street technology

Shares in the Asia-Pacific region rose after a hard day on Wall Street, where US technology stocks collapsed amid rising inflation expectations.

Hong Kong’s Hang Seng index jumped 2.1 percent on Tuesday, boosted 3.6 percent for HSBC after an Asian-focused lender announced it would resume dividend payments. The Australian S & P / ASX 200 added 0.8%.

In cryptocurrencies, bitcoin continued its descent from the latest record highs.

China’s CSI 300 index of shares listed in Shanghai and Shenzhen returned 0.1% a day after the benchmark suffered its biggest one-day decline in more than six months. The sell-off was sparked by fears that the country̵

7;s rapid economic recovery from the Covid-19 pandemic could lead to the removal of political support for asset prices.

Meanwhile, the Kospi index, which focuses on South Korean technology, rose 0.4%. Markets in Japan were closed for a national holiday.

In the US trade on Monday, the S&P 500 fell 0.8%, while the technology-focused Nasdaq Composite fell 2.5%. Shares of Facebook, Amazon, Apple, Netflix and Google’s parent mother Google fell, which according to some investors was the beginning of an overdue correction.

Futures for the S&P 500 rose 0.5% on Tuesday during Asian trading, while those for the London FTSE 100 added 0.3%.

The sale of US government bonds gained momentum on Monday, fearing that returns would be undermined by a return to inflation. The ten-year yield of the US Treasury Department increased by 0.03 percentage points to 1.37%. Bond yields are moving back in price.

Trade in the US Treasury will not resume until European markets reopen, given the official holiday in Japan.

Investors are also waiting for Federal Reserve Chairman Jay Powell to testify before congressional committees on Wednesday about hints as rising inflation could prompt the US Federal Reserve to limit its ultra-weak monetary policy.

Traders will find out if fears of inflation are justified on Friday, when the US trade department publishes its personal consumer price index for January.

“The reality today is that inflation is a risk – the yield on major government bonds is rising as markets roll over for better future growth,” said Kerry Craig, global market strategist at JPMorgan Asset Management. “But some inflation may not be bad, and recovery must go a long way before it becomes a problem.”

Bitcoin fell 9.6 percent to $ 49,872 for one coin on Tuesday after reaching a record high of $ 58,500 the day before. The cryptocurrency is still growing by more than 70 percent this year.

Oil prices continued to rise with Brent oil, which is the global indicator, by 1.8% to 66.43 dollars per barrel. The US West West Intermediate rose 1.6% to $ 62.71 a barrel.

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