Tuesday saw a rise in Asian stock markets following a decline on Wall Street as a result of worries about the state of the US economy. While Sydney receded, Shanghai, Tokyo, and Hong Kong all increased. Oil prices dropped.
The Nikkei 225 in Tokyo and the Hang Seng in Hong Kong both increased while the S&P 500 index on Wall Street fell by 0.2%. The Hang Seng in Hong Kong and the Nikkei 225 in Tokyo both increased by 0.4%, while the Shanghai Composite Index increased by 0.2%.
Wall Street and The Asian Market
While New Zealand‘s economy slowed, South Korean markets were closed for a vacation. Dropping 0.6%, the Dow Jones Industrial Average. After announcing its rumored virtual-to-real-world headset, Apple’s headgear dropped 0.8%, while the Nasdaq composite dropped 11.34 points to 13,229.43.
Traders are concerned that rate increases by the Federal Reserve and other central banks to control inflation may cause a recession in the global economy.
- Asian stock markets rise amid US economic concerns.
- Nikkei 225, Hang Seng rise, S&P 500 fall.
- Excessive interest rates caused bank failures, the Switzerland crisis, and deteriorating manufacturing.
They are hoping that indications of sluggish US economic growth would persuade the Fed to delay or curtail a potential future rate increase at its meeting this month.
Next week, the US government is expected to issue an update on inflation. Wall Street anticipates that prices will rise once more in July after regulators review additional data.
Three prominent bank failures, one in Switzerland, and deteriorating manufacturing have all been attributed to excessive interest rates. With a 20% climb in the S&P 500 above its low, the “bull market” for the index is about to begin.
