Asian equities rose, tracking Tuesday’s relief rally on Wall Street after U.S. inflation data delivered no nasty surprises
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9 per cent, having slid 1.7 per cent on Tuesday. Japan’s Nikkei index was flat while an index of Japanese banks, which has slid 8 per cent this week, jumped over 3 per cent. In Hong Kong, the Hang Seng Index climbed 1.52 per cent.Bruised U.S. bank stocks regained some ground on Tuesday aided by news that private equity and buyout giants were looking to scoop up some of SVB’s assets.
Also helping boost sentiment was data showing China’s economic activity picked up in the first two months of the year, driven by consumption and infrastructure investment, and signs the beleaguered property sector is starting to recover. “The ECB is behind in terms of a tightening cycle and has a lot to do,” said Jorge Garayo, senior rates and inflation strategist at Societe Generale.
Germany’s two-year yield was down 3 bps at 2.89 per cent, having fallen to as low as 2.43 per cent briefly on Tuesday.
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