October 1, 2022

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Stocks soar ahead of Powell Jackson Hole’s speech

Stocks soar ahead of Powell Jackson Hole's speech

A man looks at an electronic board displaying stock information on the Australian Stock Exchange, operated by ASX Ltd. On March 16, 2020 in Sydney, Australia.

Brendon Thorne | Getty Images

Stocks in the Asia-Pacific region rose on Friday as investors looked forward to Federal Reserve Chairman Jerome Powell’s speech at Jackson Hole later in the United States.

in Australia , S & P / ASX 200 It rose 1.06%, with banking and mining stocks gaining.

Japan Nikkei 225 It added 0.65% while Topix gained 0.28%. The Hang Seng Index In Hong Kong, it was up 0.7%, with Hang Seng Tech up 0.57%.

The Cosby In South Korea it advanced 0.25% and the KOSDAQ index fell 0.29%.

Mainland China Shanghai boat Ticked higher fractions, and Shenzhen Component 0.124% profit.

MSCI’s broadest index of Asia Pacific shares outside Japan was 0.67% higher.

“The hawkish commentary from a group of Fed speakers overnight had little effect as markets await Powell’s keynote at Jackson Hole this evening,” Taylor Nugent, an economist at National Australia Bank, wrote in a note on Friday. Fed speakers noted that the central bank’s job of fighting inflation is far from over, and that rates need to enter restricted territory.

Overnight in the United States, the main indexes rose. The Dow Jones Industrial Average jumped 322.55 points, or 0.98%, to 3,3291.78 points. The S&P 500 rose 1.41% to 4199.12, and the Nasdaq Composite added 1.67% to 12,639.27.

A large group of Hong Kong-listed companies will report earnings, including Mituan.