Saturday, 2 March 2024
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Ahead of the US Inflation and the Fed Rate Decision, the Asia Markets Rose

Due to an update on U.S. inflation and a Federal Reserve decision regarding another potential interest rate hike, Asian stock markets closed mainly higher on Tuesday. Tokyo and Hong Kong had gains, while Shanghai made a fall.

Following their collapse on Monday, oil prices rose. The benchmark S&P 500 index on Wall Street increased 0.9% to a 14-month high, with analysts predicting that inflation will moderate in May but remain higher than the Fed’s 2% objective despite interest rate increases to slow down economic growth.

Asian Markets Rose Today

Traders anticipate that the Fed won’t raise interest rates when its monthly board meeting concludes on Wednesday, but if inflation is higher than anticipated, things might become messy.

This week, the central banks of Europe and Japan are scheduled to meet to talk about potential rate increases. The benchmark lending rate set by the Fed is at a 16-year high, which has caused the industrial sector to collapse and three prominent banks to fail.

  • Asian stock markets closed higher due to the US inflation update and Federal Reserve decision.
  • Fed unlikely to raise interest rates; inflation may cause chaos.
  • Dow rises 0.6%, S&P 500 reaches highest since April.

As a result of China’s central bank lowering its one-week lending rate for the first time since last summer, the Shanghai Composite Index decreased by less than 0.1% to 3,227.57. The Hang Seng in Hong Kong increased 0.5% to 19,495.06 and the Nikkei 225 in Tokyo rose 1.8% to 33,018.65.

South Korea‘s Kospi increased by 0.2% to 2,635.28, and Sydney’s S&P-ASX 200 increased by 0.2% to 7,135.30. New Zealand, Bangkok, Indonesia, and Singapore all made progress.

The Dow Jones Industrial Average increased 0.6% to 34,066.33 while the S&P 500 increased to 4,338.93, its highest closing since April 2022. To 13,461.92, the Nasdaq composite rose 1.5%. Gains of at least 1.5% for Microsoft and Apple propelled high-growth equities, which topped the market.

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