Hong Kong's share benchmark soared more than 5% on Wednesday as Asian shares tracked gains on Wall Street.
TOKYO — Hong Kong’s share benchmark soared more than 5% on Wednesday as Asian shares tracked gains on Wall Street.
New Zealand’s share benchmark rose 0.7% after its central bank hiked its benchmark interest rate to 3.5%, saying inflation remained too high and labor scarce. The half-point rate hike was the fifth in a row made by the Reserve Bank of New Zealand since February. “We expect headline inflation to rise again in October. Gasoline prices will likely decline further, but city gas and power rates were raised at the beginning of October and fresh food prices will also probably rise ahead of winter,” said a report by Robert Carnell, regional head of research Asia-Pacific at ING.The S&P 500 SPX had its best day since May 2020 on Tuesday as the market clawed back more of the ground it lost over the past miserable several weeks. It surged 3.1% to 3,790.93.
The two-day rally has hit markets as investors look for signs that central banks might ease up on aggressive rate hikes aimed at taming the hottest inflation in four decades. Australia’s central bank made an interest rate hike that was smaller than previous ones. Investors are hoping that they will eventually ease off their aggressive rate hikes and the move by Australia’s central bank is a hopeful sign for some.
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