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Easing Interest-Rate Outlook Elevates Asian Markets

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Last updated: 01/24/2023 05:33:35

05:33 AM EST, 01/24/2023 (MT Newswires) -- In holiday-thinned trading, Asian stock markets posted gains on Tuesday, on gathering media reports that major global central banks may be reaching crests in interest-rate hikes. Exchanges in China, Hong Kong, Singapore, South Korea, and Taiwan were closed on holiday.

The Nikkei 225 opened higher and rose to the close, finishing up 1.5% after a US media report suggested the Federal Reserve may slow or suspend rate hikes as early as spring.

The benchmark Nikkei 225 rose 393.15 to 27,299.19, as gaining issues outnumbered losers 207 to 15.

The flash au Jibun Bank Japan Composite Output Index posted at 50.8 in January, up from 49.7 in December, reported S&P Global. Readings above 50 point to business expansion, while below signal contraction.

In other news, the leaders of Japan's largest labor group and top business lobby met Monday to discuss labor markets in the annual round of union-management negotiations, with both parties agreeing on the need for pay hikes to offset rising inflation, reported the Mainichi newspaper.

On the other exchanges, the Australian ASX 200 inclined 0.4% and the Thai Set declined 0.1%. In late trading in Mumbai, the Sensex was up 0.1%.

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