Asian markets mixed after Wall St record, Shanghai extends rally
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Asian markets were mixed following another record on Wall Street, with strong earnings and a resilient US economy playing against fading hopes for an early Federal Reserve interest rate cut. Fresh comments from US monetary policymakers pushing back against reducing borrowing costs too early were unable to overshadow a string of forecast-beating reports from top firms this season including Amazon and Facebook parent Meta. Shanghai extended its rally heading into the Lunar New Year break, building on almost five percent gains over the previous two days as investors cheered a number of pledges from Beijing to staunch a long-running rout. Hong Kong was dealt a blow lower by a more than six percent dive in market heavyweight Alibaba, which was hit by a worse-than-expected earnings report that overshadowed a huge stock buyback. Tokyo, Sydney, Seoul, and Manila saw gains, while Singapore, Mumbai, Bangkok, and Wellington dropped.

#AsianMarkets #WallStreet #FederalReserve #Shanghai #LunarNewYear

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