Forex Analysis & Reviews: 18.07.2022 - Asian markets close higher...

18.07.2022 02:24 PM

Asian markets close higher on Monday

Asia-Pacific markets broadly advanced on Monday. The S&P/ASX 200 rose by 0.80%, while other indexes gained 1.50% or more. The Shanghai Composite and the Shenzhen Composite increased by 1.49% and 1.48%, respectively. The KOSPI went up by 1.65%, while the Hang Seng Index climbed by 2.64%. Japanese stock exchanges were closed today, however the Nikkei 225 edged up by 0.54% on Friday.Asian markets followed US indexes, which finished Friday in positive territory. American stock indexes gained about 2% on Friday thanks to strong statistic data which eased recession fears among market players. However, there is still a possibility of a 100 basis point interest rate hike by the Federal Reserve.The upsurge of COVID-19 infections in China is putting pressure on the upside potential of Asian indexes. New quarantine measures threaten to affect economic recovery, increasing the possibility of a recession in China.However, the markets found support in statements by Chinese officials that the country has enough financial resources and options to maintain economic stability in the country. The People's Bank of China has injected 12 billion yuan into the financial system via a seven-day reverse repurchase agreement.On the Hang Seng Index, the best performing stocks were Country Garden Services Holdings, Co., Ltd. (+7.2%), Meitua (+6.4%), and Country Garden Holdings, Co., Ltd., (+6.3%).Chinese oil stocks also went up, with CNOOC, Ltd. increasing by 4.5% and China Petroleum & Chemical, Corp. advancing by 4.1%. Shares of Alibaba Group Holding edged up by 0.8%.On the KOSPI, Samsung Electronics, Co. rose by 2.7%, while LG Electronics, Inc. increased by 1.6%.On the S&P/ASX 200, BHP Group, Ltd. and Rio Tinto, Ltd. gained 1.8% and 1.9% respectively. Shares of Australia & New Zealand Banking Group, Ltd. declined by 1.3% after the company announced it was set to buy Suncorp Bank for 4.9 billion Australian dollars or $3.3 billion.

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