December 9, 2022

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Asia shares gain despite Chinese COVID case numbers rising

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SYDNEY — Asian share markets were mostly in positive territory on Wednesday despite rising COVID-19 cases in mainland China leaving investors uncertain over how much the fresh outbreaks could slow the reopening of the world’s second-largest economy.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3%, after U.S. stocks ended the previous session with gains. The index is up 12% so far this month.

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Australian shares were up 0.7%, with most gains coming from mining and resources giants as a result of higher oil prices. Japan’s stock market was closed for a national holiday.

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New Zealand’s central bank raised interest rates by 75 basis points – its largest ever move – on Wednesday to a near 14-year high of 4.25% and flagged more hikes are on the way as it struggles to contain stubbornly high inflation.

Hong Kong’s Hang Seng Index was up 0.6% in early trade while China’s CSI300 Index opened broadly flat.

China on Wednesday…

Reuters

2022-11-22 20:59:19

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