The fact that inflation in the United States seems to be above its peak also ensures profits on the stock exchanges in Asia. In Hong Kong, Shanghai, Seoul and Sydney, among others, the gauges were on profit. In the markets, it is taken into account that the US Federal Reserve is becoming more reluctant to raise interest rates now that monetary devaluation seems to be decreasing.
In the meantime, the Hong Kong Stock Exchange recorded a 1.8 percent increase, while in Shanghai a price gain of 1.2 percent was on the signs. In Shenzhen, the leading protractor recorded 1.5 percent higher. The All Ordinaries in Sydney won 0.9 percent and in Seoul the Kospi was in the plus 1.3 percent. The Tokyo Stock Exchange remained closed due to a public holiday.
Alibaba won 1.4% in Hong Kong. Japan’s SoftBank has announced it will reduce its stake in the Chinese tech giant.
In addition, the Taiwanese electronics company Foxconn in Taipei won 2.3 percent after figures. Foxconn, known as Hon Hai Precision Industry, is the largest manufacturer of iPhones for Apple. The concern has recently benefited from strong demand for its assembled smartphones and cloud products.
In Singapore, The Straits Times Index rose 0.4 percent. Singapore’s economy contracted by 0.2 percent in the second quarter, while the government had previously expected stagnation. Growth forecasts for the city-state for the whole year were adjusted downwards.