Major Asian stock markets closed with gains on Wednesday as corporate earnings beat expectations and inflation did not hit corporate profitability as hard as expected, easing concerns about the global recession.
Strong corporate results could make the Fed think twice before taking aggressive monetary action, some analysts say.
But the Chinese government has decided to carry out mass COVID-19 testing again in the city of Shanghai, reigniting concerns that such measures could disrupt economic recovery.
Chinese Premier LI Keqiang said in a statement that in the first half of the year, “hard efforts are needed” to recover from pressures on economic growth caused by COVID-19 and other unexpected developments. .
The Asia Dow, which includes blue chip companies in the region, rose 50.98 points or 1.60% to 3,230.
Tokyo’s Nikkei 225 stock market climbed 718.58 points, or 2.67%, to 27,680.
The Hang Seng, the benchmark for blue chip stocks traded on the Hong Kong stock exchange, gained 229.16 points, or 1.11%, to 20,890 points.
China’s Shanghai Stock Exchange gained 591.44 points or 1.08% to 3,304 points.
In India, the benchmark Sensex rose 591.44 points, or 1.08%, to end the day at 55,359, while Singapore’s index rose 52.50 points, or 1.68 %, to close at 3,170.
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