Global Equities Get Off to Modest Starts in Last Week of 2022
The different time zone factors between the west and the east seem to have had a moderate effect on the global equity market at the beginning of the week.Markets on Wall Street and some in the west were closed yesterday in conjunction with the holiday season (Christmas and Boxing Day in the United Kingdom), denying any catalyst for equities to make a move.Last checked, Wall Street indices closed higher with the Dow Jones Industrials up 0.53% at 33,203.93 while the S&P 500 gained 0.59%, at 3,844.82 and the Nasdaq Composite added 0.21%, to 10,497.86.Europe's STOXX 600 index rose 0.04% while MSCI's gauge of global shares fell 0.23%.This morning's trading in Asia saw Japan's Nikkei 225 up 0.52%, Topix up 0.63%, South Korea's Kospi up 0.66% and Kosdaq up 1.03% while the Australian market was still closed.The strengthening in Asian trade can be attributed to China's official announcement of the end of the quarantine period for incoming tourists on January 8.The matter indirectly gave an impression of the end of China's zero-Covid policy that was practiced for 3 years when reports from the country said that the Covid rating was lowered.On the other hand, the stance of the Federal Reserve (Fed) to remain aggressive with its tightening policy fueled the world's concerns about the risk of a global recession next year.
The different time zone factors between the west and the east seem to have had a moderate effect on the global equity market at the beginning of the week.
Markets on Wall Street and some in the west were closed yesterday in conjunction with the holiday season (Christmas and Boxing Day in the United Kingdom), denying any catalyst for equities to make a move.
Last checked, Wall Street indices closed higher with the Dow Jones Industrials up 0.53% at 33,203.93 while the S&P 500 gained 0.59%, at 3,844.82 and the Nasdaq Composite added 0.21%, to 10,497.86.
Europe's STOXX 600 index rose 0.04% while MSCI's gauge of global shares fell 0.23%.
This morning's trading in Asia saw Japan's Nikkei 225 up 0.52%, Topix up 0.63%, South Korea's Kospi up 0.66% and Kosdaq up 1.03% while the Australian market was still closed.
The strengthening in Asian trade can be attributed to China's official announcement of the end of the quarantine period for incoming tourists on January 8.
The matter indirectly gave an impression of the end of China's zero-Covid policy that was practiced for 3 years when reports from the country said that the Covid rating was lowered.
On the other hand, the stance of the Federal Reserve (Fed) to remain aggressive with its tightening policy fueled the world's concerns about the risk of a global recession next year.
