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Asian stocks continue to rise despite mounting COVID concerns in China

Asian stocks continue to rise despite mounting COVID concerns in China

Asian stocks benefited from a worldwide rally this week, making significant gains as oil prices remained stable at levels last seen prior to Russia's invasion of Ukraine. Nevertheless, China was an exception due to further pressure from the rising COVID-19 cases.

Japan's Nikkei share average increased by 1.96 percent. The report further stated that the S&P/ASX 200 in Australia increased by 0.72 percent while MSCI's broadest index of Asia-Pacific equities outside Japan grew by 0.33 percent.

China’s strict zero-COVID policy is still in effect, as evidenced by the fact that the nation’s blue-chip companies declined modestly after this week's trade numbers turned out to be worse than expected and the lockdown in Chengdu was extended.

Additionally, the Hang Seng index in Hong Kong dropped 0.59 percent.

The markets are looking for any indications of a change in the Federal Reserve's hawkish stance toward combating inflation as they await the central bank’s Chairman Jerome Powell's speech later this week.

According to CME Group's Fedwatch tool, estimates for a third consecutive 75-basis-point interest rate hike are currently at roughly 78 percent, which is up from 69 percent a week ago.

After falling almost all the way to 145 overnight, the yen was trading at slightly around 144 per dollar. The dollar index, which tracks the dollar’s progress against a basket of other key trading partner’s currencies, was up slightly at 109.76.

For the first time since early February, oil prices were still below USD 90 per barrel even after showing a tiny overnight recovery. While Brent crude increased by 0.65 to USD 88.57 per barrel, U.S. crude only grew by 0.81% to USD 82.60/barrel.

Besides, spot gold prices decreased by 0.1% to USD 1,716.04 per ounce, while the most popular cryptocurrency, Bitcoin, last declined by 0.95% to USD 19,199.00.

Source Credit:,jumped%201.96%25%20in%20early%20trading

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Meghna Singh

An English Literature graduate, Meghna Singh ventured into the profession of content development to incorporate her knack for writing articles across verticals including technology, healthcare, business, and alike for News Origins and Newsorigins. She has also completed her MBA in Tourism and worked as a content creator in the field of product development.