BANGKOK: Stocks advanced in Asia on Wednesday after a wobbly day on Wall Street, when the S&P 500 gave back most of its gains from a day earlier.
Hong Kong led the advance, gaining 1.7%. Tokyo, Seoul, Shanghai and Sydney also were higher.
Investors have taken heart from an easing in bond prices that has alleviated worries over possible interest rate hikes. Bond yields have eased and the yield on the 10-year Treasury inched down to 1.40% early Wednesday.
But expectations for stronger economic growth in coming months continue to fuel worries that interest rates will head higher.
“It feels like we are in the eye of the storm," Stephen Innes of Axi said in a commentary. Investors have recently focused on selling high-priced technology shares but are also watching for policy changes as President Joe Biden's $1.9 billion stimulus package heads into the Senate after narrowly passing in the House.
“How much overheating and inflation will the Biden fiscal stimulus generate remains at the top of virtually every market conversation," Innes said.
In Hong Kong, the Hang Seng rose to 29,591.76. Tokyo's Nikkei 225 index added 0.2% to 29,473.25, while the Kospi in Seoul picked up 0.6% to 3,062.99. The Shanghai Composite index advanced 1.3% to 3,555.28.
Australia's S&P/ASX 200 gained 0.8% to 6,815.40 after the government reported the economy grew at a 3.1% quarterly rate, but a minus 1.1% annual rate, in the fourth quarter of last year. The better than expected result was helped by consumer demand and public spending, analysts said.
India's Sensex opened 0.8% higher.
On Tuesday, the S&P 500 fell 0.8% to 3,870.29 after earlier flipping between small gains and losses. A day before, the benchmark index had leaped 2.4% for its best performance since June. Technology and internet stocks accounted for much of the selling, a reversal from a day earlier.
The Dow Jones Industrial Average lost 0.5% to 31,391.52. The tech-heavy Nasdaq composite dropped 1.7%, to 13,358.79.
Smaller companies fared worse than the rest of the market. The Russell 2000 small-cap index gave up 43.81 points, or 1.9%, to 2,231.51.
Higher interest rates force investors to rethink how much they’re willing to pay for stocks, making each $1 of profit that companies earn a little less valuable. That's making Wall Street reconsider the value of technology stocks, in large part because their recent dominance left them looking even pricier than the rest of the market.
Treasury yields rose above 1.50% recently with expectations for economic growth and inflation, up from about 0.9% at the beginning of the year. Such a rise makes borrowing more expensive for homebuyers, companies taking out loans and virtually everyone else. That can slow economic growth.
On Tuesday, Federal Reserve Governor Lael Brainard sought to calm financial markets by emphasizing that the Fed, while generally optimistic about the economy, is still far from raising interest rates or reducing its $120 billion a month in asset purchases.
She also said that the Fed is closely monitoring the recent rise in the 10-year Treasury yield and investors’ inflation expectations. But she repeatedly said the economy is 10 million jobs short of its pre-pandemic level and the Fed would keep rates at nearly zero until the job market has fully recovered.
"We’ve got some distance to go to meet our goals,” of higher inflation and lower unemployment, Brainard said.
Federal Reserve Chair Jerome Powell is scheduled to speak on Thursday, and at the end of the week will be the government’s jobs report, which is typically the highlight economic report of every month. It also includes numbers for how much wages are rising across the economy, a key component of inflation.
In other trading, U.S. benchmark crude oil rose 20 cents to $59.95 per barrel in electronic trading on the New York Mercantile Exchange. It lost 89 cents to $59.75 per barrel on Tuesday. Brent crude, the international standard, added 27 cents to $62.97 per barrel.
The dollar rose to 106.85 Japanese yen from 106.68 yen late Tuesday. The euro fell to $1.2085 from $1.2091.
AP Newsroom
Wed Mar 03 2021
![Asian shares advance despite Wall Street retreat Asian shares advance despite Wall Street retreat](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2021-03/81614747427_Asian.jpg)
Stocks advanced in Asia on Wednesday after a wobbly day on Wall Street, when the S&P 500 gave back most of its gains from a day earlier. (AP Photo/Eugene Hoshiko)
10 Berita Pilihan - (15 Ogos 2024)
Antara pelbagai berita dalam dan luar negara yang disiarkan di Astro AWANI, berikut adalah yang paling menjadi tumpuan sepanjang hari ini.
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Gempa bumi bermagnitud 5.7 gegar timur laut Taiwan
Gempa bumi berukuran 5.7 skala richter melanda daerah Timur Laut Taiwan pada Khamis.
Angka kematian di Gaza cecah 40,000 individu
Pasukan tentera Israel melakukan tiga pembunuhan beramai-ramai terhadap keluarga-keluarga di Semenanjung Gaza dalam tempoh 24 jam lepas, mengakibatkan sekurang-kurangnya 40 rakyat Palestin terbunuh dan 107 lagi cedera, menurut sumber perubatan.
Jepun tamatkan amaran gempa bumi mega
Dalam tempoh berjaga-jaga, Agensi Meteorologi Jepun tidak melihat sebarang pergerakan gempa bumi yang luar biasa atau kerak bumi.
Rakyat UK terancam dengan imigran rampas peluang pekerjaan
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Parti Pheu Thai pilih anak perempuan Thaksin calon PM
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Pemilihan anak Thaksin sebagai PM Thailand dianggap tidak efektif
Pemilihan anak perempuan bekas Perdana Menteri Thailand, Thaksin Shinawatra, Paetongtarn Shinawatra, untuk menggantikan Srettha Thavisin sebagai Perdana Menteri negara itu dianggap sebagai tidak efektif.
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Angka kematian di seluruh Semenanjung Gaza meningkat kepada 40,005, lebih 92,401 cedera
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DNA mangsa kebakaran di Pagoh diperoleh, jenazah dijangka dikebumikan esok
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Australia dan Malaysia jalin hubungan Australia-ASEAN yang lebih kukuh - Heinecke
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Tarik diri Olimpik Paris, Sinner pertahan gelaran Canadian Open
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Sarawak belajar bagaimana Australia urus populasi buaya
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![Australia naikkan tahap ancaman keganasan selepas terima maklumat perisikan Australia naikkan tahap ancaman keganasan selepas terima maklumat perisikan](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-08/41722835981_TBAustraliasPrim.jpg)
Australia naikkan tahap ancaman keganasan selepas terima maklumat perisikan
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![Rozita Rohaizad tekad terus bantu martabat warisan Malaysia di Australia Rozita Rohaizad tekad terus bantu martabat warisan Malaysia di Australia](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-08/41722645001_tbRozitaRohaizadA.jpg)
Rozita Rohaizad tekad terus bantu martabat warisan Malaysia di Australia
Sanggup guna duit sendiri berulang-alik ke Australia untuk menjadi tenaga pengajar, setiap kali berlangsungnya pelbagai festival kesenian kebudayaan.
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Kerajaan Australia akan paksa bank bayar ganti rugi kepada mangsa penipuan
Bank di Australia akan dipaksa membayar ganti rugi kepada pelanggan yang kehilangan wang akibat penipuan di bawah undang-undang baharu yang dicadangkan oleh kerajaan, lapor Xinhua.
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Kuartet renang wanita Australia mencipta rekod baharu Sukan Olimpik Paris apabila memenangi pingat emas keempat berturut-turut dalam acara 4x100 meter (m) gaya bebas di Sukan Olimpik Paris 2024 pada S
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Pemimpin Australia, New Zealand dan Kanada gesa gencatan senjata segera di Gaza
Ketiga-tiga pemimpin itu menggesa Israel untuk memberi maklum balas terhadap keputusan ICJ minggu lepas yang menganggap pendudukan wilayah Palestin oleh Israel adalah haram.
![2 juruterbang maut helikopter bertembung, terhempas di Australia 2 juruterbang maut helikopter bertembung, terhempas di Australia](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/51721882926_WesternAustraliaPo.jpg)
2 juruterbang maut helikopter bertembung, terhempas di Australia
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![[LAPOR LANGSUNG] Gangguan IT global: Apa yang sedang berlaku? [LAPOR LANGSUNG] Gangguan IT global: Apa yang sedang berlaku?](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/71721379251_grocerystore.jpg)
[LAPOR LANGSUNG] Gangguan IT global: Apa yang sedang berlaku?
Sekitar jam 3 petang (waktu Australia) gangguan IT secara besar-besaran dilaporkan berlaku di sana. Adakah Malaysia terjejas?