SINGAPORE – Shares in the Asia-Pacific traded higher on Monday as investors gauge inflation and recession fears.
The Kospi in Korea was up 1.94% and Kosdaq was 3% higher.
MSCI’s broadest index of Asia-Pacific stocks rose 2%.
Russia defaults on government debt in foreign currency for the first time in more than 100 years, Bloomberg reported. The country’s central bank’s foreign exchange reserves remain frozen.
At the G-7 summit, US President Joe Biden and world leaders announced a $600 billion infrastructure program aimed at focusing on key areas such as building health systems. information and communication technology network.
In company news, Trip.com is expected to report its first-quarter financial results on Monday in the US after markets close. The company’s shares in Hong Kong were 6.58% higher ahead of the announcement.
Later this week, China and Japan will report Purchasing Managers’ Index data, while Hong Kong will celebrate the 25th anniversary of the handover. President of China Xi Jinping will attend commemorative events, State media Xinhua reported over the weekend.
On Friday in the United States, Stocks rallied to recapture the previous downtrend.
“It just highlights the fact that markets are going to be very volatile until we get past that peak of inflation and the outlook for banks,” said Kerry Craig, global market strategist at JPMorgan Asset Management. Central banks are as hawkish as they are.”
He said the market trend is shifting as more central banks in advanced economies enter a new cycle of rate hikes.
“That’s when you’re clear on the way forward, then you start to refocus on the fundamentals,” he told CNBC’s “Squawk Box Asia” on Monday.
Futures rose slightly on Sunday night after the return of last week.
The US Dollar Indextracks the greenback against its basket of currencies, at 104.073.