(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).
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