Asia shares join global rebound as Fed hike fears ease, China tech boost

Asia shares join global rebound as Fed hike fears ease, China tech boost

MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.5% in early trading, the biggest gain in a week, buoyed by a 1.2% rebound in resources-heavy Australian shares, a 2.8% jump in Hong Kong stocks and a 0.7% rise for blue chips in mainland China.







Reuters









May 27, 2022 / 07:56 AM IST





Asian shares extended overnight global gains thanks to strong results from regional tech firms and U.S. retailers, while investors also took comfort from Federal Reserve minutes showing a pause to its rate hikes is on the cards later this year.

The swing in sentiment left the dollar wallowing at one-month lows, with the euro rising to its highest since April 25.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.5% in early trading, the biggest gain in a week, buoyed by a 1.2% rebound in resources-heavy Australian shares, a 2.8% jump in Hong Kong stocks and a 0.7% rise for blue chips in mainland China.

Japan's Nikkei advanced 1.0%.

The Hang Seng tech index opened 4.5% higher, as first quarter revenues from tech giant Alibaba and Baidu beat forecasts.

The United States will not block China from growing its economy, but