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Meta boosts Asian markets

Started by PocketOption, Apr 29, 2022, 04:31 am

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Meta boosts Asian markets


Asian equities surge higher with US futures

Wall Street's main indexes had a sideways day overnight, finishing almost unchanged from the day before. The Meta results though, have lifted US index futures sharply as Meta rallied by over 15% in extended trading, lifting other tech heavyweights. Nasdaq futures have rallied by 1.25%, S&P 500 futures are 0.70% higher, while the value-orientated Dow futures have risen just 0.20%.

That has been enough to spark a relief rally of sorts in Asia today, although a barrage of infrastructure spending talk in China helped lift the gloom in China markets yesterday. Japan's Nikkei 225 has risen by 1.0%, with South Korea's Kospi climbing by 0.60%, while Taipei has rallied by 0.75%.

In China, the Shanghai Composite has gained 0.35%, with the CSI 300 rising by 0.45%. Hong Kong is performing its usual Nasdaq tail-chasing act, rising 1.0% in sympathy today. Mainland equity markets are potentially holding back as mass testing gets underway in Beijing and news that parts of the port city of ​Qinhuangdao have been locked down. China's Covid-zero issues have not gone away.

In regional markets, Singapore has risen by just 0.20%, Kuala Lumpur is 0.55% higher, with Jakarta gaining 0.45%. Bangkok is 0.10% higher and Manila has added 0.45%. Australian markets have climbed on the Meta bandwagon, the ASX 200 and All Ordinaries climbing by 0.95%.

The Financial Times story suggests a rouble payment capitulation by European energy companies may give European stocks a reason to open higher today. The relief is likely to be short-lived as the obvious conflict between Europe's political masters and its private sector will be a major test of European unity. In the US, results from Apple and Amazon will set the tone for the Wall Street session.

Source: Meta boosts Asian markets