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Asian markets are trading broadly higher on Thursday


3 March 2022

Asian markets are trading broadly higher on Thursday following an overnight rally on Wall Street that was sparked by calming words from the Federal Reserve. Gains are coming for equities despite the ongoing uncertainties. Investors are also
discounting the massive surge seen nearly across the board in commodities, particularly the energy complex and wheat.

Japan’s Nikkei is trading 0.8% higher as the Yen is in retreat versus the U.S. dollar for a second consecutive session. Shares of Softbank Group are trading 0.7% lower in contrast with the gains in the broader market, while Sony shares are 1.3% higher. Among the major exporters Toyota is 1.5% higher, Panasonic is adding 0.7%, and Canon shares have jumped higher by 2.2%.

In Australia the S&P/ASX 200 is trading up by 0.6%, with the big four banks mixed after losses in the previous session. Shares of ANZ are 0.6% higher, NAB is adding 0.3%, but Westpac and Commonwealth Bank are each 0.4% lower. The major miners are extending gains on the rising commodity prices, with BHP advancing 3.2% and Rio Tinto shares rising 3%. Mainland Chinese markets have opened mixed, with the benchmark Shanghai Composite rising 0.3%, but the smaller cap Shenzhen Composite edging lower by less than 0.1%. Over in Hong Kong the Hang Seng is leading Chinese markets with a gain of 0.6%.

In South Korea the Kospi is leading gains for the region as it tacks on 1.2%, and in Taiwan the Taiex is trading 0.5% higher. Southeast Asian markets are broadly higher too, with Singapore’s Straits Times Index trading 0.7% higher and the KLCI in Malaysia rising 0.2%. 

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