Asian equites closed higher on Thursday as investors weigh infrastructure push in China, however headwind lies ahead with Fed’s rate hike decision in less than a week.
Share in Mainland China, Hong Kong, South Korea, Japan and Thailand closed moderately higher with the MSCI Asian Index ex Japan is down by 0.75%.
In China, officials have promised financial aid amid the COVID lockdown. The latest move was a pledge to stabilize employment. Twin virus outbreaks continued in Shanghai and Beijing.
The speed of the decline — it’s slumped more than 10% against the dollar in seven weeks — has caught policy makers off guard and exposed divisions between a central bank intent on stoking inflation and a government facing a backlash over rising prices.
Four European gas buyers have made payment for gas supplies in rubles according to Bloomberg citing a person close to Russian gas giant Gazprom PJSC.
Meanwhile, ten European companies have already opened account at Gazprombank which is needed to make Russian payment demands.
Global bonds are closing in on their worst month on record as investors brace for Federal Reserve’s rates hike in the coming week.
The Bloomberg Global-Aggregate Total Return Index has lost 4.9% in April, putting it on track for the biggest monthly drop since its inception in 1990.
Oil edged down towards $100 a barrel as China grapples with renewed virus outbreak dampening outlook for global oil demand. The WTI is trading around $101 a barrel while the Brent is trading around $104 a barrel.