Asia

Asia

Asian shares rise on hopes of rate hike slowdown

26 October 2022 08:17 (UTC +04:00)

sian shares edged higher on Wednesday as investors clung to hopes that the pace of U.S. and global rate hikes will start to slow, though U.S. futures dropped after disappointing results from tech giants Alphabet (GOOGL.O) and Microsoft (MSFT.O), APA reports.

E-mini futures for the S&P 500 fell 1% in early trade after Google-owner Alphabet posted softer-than-expected ad sales after the bell and Microsoft missed expected revenue forecasts, possible early signs of a slowdown in the U.S. economy.

Meanwhile, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 1%, led by a bounce in Hong Kong, while Japan's Nikkei (.N225) rose 1.1% by mid-morning.

The mainland Chinese benchmark index (.CSI300) advanced 1%, while Hong Kong stocks (.HSI) rose 2%, attempting another rebound after Monday's deep sell-off in Chinese assets by global investors worried about Beijing's policy direction.