Thursday, April 18, 2024
HomeBusinessAsian Stocks Up, Australian GDP Beats Expectations By

Asian Stocks Up, Australian GDP Beats Expectations By


Related stories

Pluryal: Quick Facial Volume Restoring

Your skin naturally loses volume and becomes less elastic...

5 Hottest Online Casino Games to Play During Your Christmas Holidays

Can’t decide what to do after all family reunions...

How To Ensure An Online Casino Is A Worthy One? Gambler’s Checklist

So, you’ve found an excellent online casino and can’t...

4 Biggest Casino Risks and Solutions for Online Gamblers

Hello, fellow online gambler! I understand your rush for...


© Reuters.

By Gina Lee – Asia Pacific stocks were mostly up Wednesday morning, with Australia reporting a . Investors also remain concerned about the U.S. Federal Reserve withdrawing stimulus measures earlier than expected as the economic recovery from COVID-19 continues ahead of economic data due to be released on Friday.

In Australia, the rose 0.77% by 10:49 AM ET (2:49 AM GMT). Data released earlier in the day said that Gross Domestic Product grew 1.8% and 1.1% for the first quarter of 2021.

South Korea’s edged up 0.18%, with the country’s rising 2.6% year-on-year in May, above April’s 2.3% growth.

Japan’s rose 0.48% and Hong Kong’s inched down 0.06%.

China’s fell 0.46% while the inched up 0.07%. The remained unchanged after the People’s Bank of China forced banks to hold more foreign currencies in reserve in order to stem the yuan’s surge.

Investors remain concerned that central banks will pair back their stimulus measures earlier than expected due to the ongoing economic recovery from COVID-19 in the U.S., China, and parts of Europe.

In the U.S., data released on Tuesday said the rose 61.2 in May, higher than the 60.9 figure in forecasts prepared by and April’s 60.7 reading. However, it also indicated supply shortages and labor constraints.

The labor shortage has hindered the ongoing economic recovery from COVID-19 in the U.S., according to U.S. Federal Reserve governor Lael Brainard, who added “for all these reasons, the supply–demand mismatches in the labor market are likely to be temporary, and I expect to see further progress on employment in coming months.”

See also  Latest Trend in the Real Estate Market of Pakistan

Brainard also reiterated that the central bank is not set to change its current dovish monetary policy for a while. “Remaining steady in our outcomes-based approach during the transitory reopening surge will help ensure the economic momentum that will be needed as current tailwinds shift to headwinds is not curtailed by a premature tightening of financial conditions,” she said.

Investors now await key U.S. economic data to be released on Friday, including and in May, to gauge the economic outlook.

“Investors would see a surge in payrolls growth as a sign that the Fed is more likely to move,” Lauren Goodwin, portfolio strategist at New York Life Investments, told Bloomberg.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source link

See also  How much does it cost to travel full time? Here's what one couple pays
Bellie Brown
Bellie Brown
Hi my lovely readers, I am Bellie brown editor and writer of I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting

Latest stories