(ANSA) – MILAN, 21 JUN – Stock exchanges in Asia are raising their heads on the words of US President Joe Biden who reiterates that a recession in the United States is not “inevitable”.
The MSCI Asia Pacific Index rose as much as 1.5%, with financial and technology stocks among the largest contributors to its rise. The Tokyo Stock Exchange gained 2.04%, Shanghai and Shenzen remain weak, down 0.6% and 1.1% respectively, while Taiwan (+ 2.3%) and Seoul (+0.69) rise. %). Hong Kong earns 1.3 percent.
“It’s a respite, not a rebound,” says one manager, urging them not to give in to euphoria. “We are still in a bear market that is facing a double whammy of Fed tightening and recession fears, and the second quarter earnings season is likely to be particularly painful for the markets” due to cost pressures, he added. (HANDLE).
Source: Ansa
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