Asian stocks recover as US stock futures, oil prices soar

BEIJING (AP) – Asian stocks rose on Tuesday after Wall Street futures rose while US markets closed for the holiday.

Shanghai, Tokyo, Hong Kong and Sydney won. Oil prices returned to over $ 110 a barrel.

Wall Street S&P 500 futures
ES00

increased by 1.6% after a three-day holiday weekend.

“Today’s gains are trying to reduce previous losses, which implies the presence of buyers in a smaller market,” said Yeap Jun Rong of IG in a report.

Shanghai Composite Index
CN: SHCOMP

rose 0.1% to 3318.29 and the Nikkei 225
JP: NIK

in Tokyo rose 2.4% to 26,415. Hang Seng in Hong Kong
HK: HSI

increased by 1.4% to 21,466.

Kospi
KR: 180721

in Seoul was 1.2% higher at 2421 and the S & P-ASX 200 in Sydney
AU: XJO

increased by 1.4% to 6,526.20.

The markets of New Zealand and Southeast Asia won.

Investors are worried that efforts by US and European central banks to cool inflation, which has been at its peak for four decades, could thwart global economic growth.

Japan and China, two of the three largest economies, are avoiding joining interest rates.

On Monday, China’s central bank left its reference interest rates unchanged. The Bank of Japan adhered to its policy of almost zero interest rates last week, despite fears that the yen’s exchange rate was weakening.

S&P 500
SPX

has fallen by more than 20% compared to January. 3 peak, putting it in what traders call a bear market.

Investors are looking for clues to the Fed’s plans for possible further interest rate hikes when President Jerome Powell addresses congressional committees this week.

European stock markets rose on Monday. Shanghai, Tokyo and Seoul refused.

In energy markets, compare American crude oil
CL

jumped $ 2.41 to $ 110.41 a barrel in e-commerce on the New York Mercantile Exchange. Brent is harsh
BRN00,

the standard price for international oil trading rose $ 1.36 to $ 115.49 a barrel in London.

The dollar remained stable at 135.12 yen
USDJPY.

the euro
EURUSD

won to $ 1.0525 from $ 1.0491.

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