- Reuters
EMERGING MARKETS-Stocks rally for third day; Indonesia delivers surprise rate hike
Emerging market stocks rose on Wednesday, extending their recovery for a third day, supported by a more than 2% jump in the Hong Kong, South Korea and Taiwan bourses, while Indonesia's rupiah strengthened after the central bank raised interest rates unexpectedly. The rupiah rose 0.4% against the dollar after Bank Indonesia's surprise 25 bps hike, in efforts to support the currency which has fallen to four-year lows on growing risk aversion and a delay in the expected timing of any U.S. policy easing. "We reckon that today's hike will prove to be a one-and-done, and continue to believe that BI will start a gradual normalisation of policy in Q4, as soon as headline inflation falls below its actual 2.5% target," said Miguel Chanco, chief emerging Asia economist at Pantheon Macroeconomics.
- Reuters
GLOBAL MARKETS-Asian shares jump on tech boost; fragile yen on intervention watch
Asian stocks rose sharply on Wednesday led by tech stocks as investors' focus shifts to earnings from U.S. tech bellwethers this week, while the yen remained mired near 34-year lows, keeping traders wary of intervention from Japanese authorities. An after-hours surge in shares of EV maker Tesla following its promise of new models, and upbeat earnings from some U.S. companies lifted sentiment, spurring a rally in tech stocks across Asia, with Taiwan, South Korean and Japan's Nikkei leading the charge. MSCI's broadest index of Asia-Pacific shares outside Japan was 1.6% higher, having climbed 1% on Tuesday, as stocks rebounded from last week's steep selloff.
- Reuters
Shares jump on tech boost; fragile yen on intervention watch
LONDON/SINGAPORE (Reuters) -World stocks rose on Wednesday led by tech names as investors' focus shifts to earnings from U.S. megacap bellwethers this week, while the yen remained mired near 34-year lows, keeping traders wary of intervention from Japanese authorities. An after-hours surge in shares of electric vehicle maker Tesla, following its promise of new models, and upbeat earnings from some U.S. companies lifted sentiment, spurring a rally in tech stocks in Asia, where the sector rose 3.7% and Europe, where it gained 2.5%. Europe's broad STOXX 600 was 0.2% higher, as that rally in tech stocks - also helped by a 10% surge in wafer maker ASM International on raised revenue forecasts - met soft earnings from drugmaker Roche and luxury goods maker Kering, whose shares fell to their lowest since 2017.
