Nikkei 225 Index Closed Above 27,000 for First Time in Two weeks
06 Oct 2022
The Nikkei 225 rose by 190.26 points (0.70%) to 27,311.65, the Hang Seng Index dropped 0.42% and Hang Seng Tech Index was down by 1.29%.
On Thursday Asian stock rose, extending an overnight rally, while the oil prices support levels not seen since before Russia’s invasion of Ukraine.
According to a Reuters report, the Asian market was down sharply on Friday, US interest rate hike next week amid an increased global recession following warnings from the IMF and the world bank.
The index is down more than its benchmark which is 18% from the record high it reached at the beginning of the year. That is a decline considered a bear market.
Chinese exporters increase by 7.1% in August and in the next month increased by 18% almost 12.8%, The offshore Chinese yuan weakened to 6.99 %
On Wednesday Asia- The pacific market was down as investors expect the Federal Reserve to give a summary of economic conditions, this is also known as Beige Book.