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Asian Stocks Up, Investors Continue Monitoring COVID-19 Recovery but See “Positive -Breaking

by Mike Robinson

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© Reuters.

By Gina Lee

Investing.com – Asia Pacific stocks were mostly up on Tuesday morning, with investors continuing to monitor the global economic recovery from COVID-19.

Japan’s rose 0.93% by 9:01 PM ET (2:01 AM GMT), with the handing down its interest rate later in the day.

South Korea’s inched down 0.04% while in Australia, the edged up 0.19%.

Hong Kong’s gained 0.52%.

China’s was up 0.37% while the was down 0.51%. Chinese shares were in the spotlight on Tuesday as investors continues to digest the policy rate cuts from the People’s Bank of China (PBOC) from the day before. From 2.2%, the central bank reduced the one-year rate of its policy loans by 10 basis point to 2.85%. It also cut the rate for seven-day reverse-repurchase agreements from 2.2% to 2.1%.

Expectations of a PBOC move contrast with the expected series of U.S. Federal Reserve interest rate hikes within the next 2022.

During this time, the central banks of Indonesia, Malaysia and Turkey will present their policy decisions to you on Thursday.

U.S. markets are expected to re-open on a later date after holidays. Due to the decline in U.S. share prices, global shares have fallen in the past year. Investors examine whether profit margins could increase sentiment, even with inflation and other problems posed by the COVID-19 omicron variant.

“It will be interesting to see if investors are tempted back in now that earnings season is underway,” OANDA senior market analyst Craig Erlam said in a note.

The emergence of omicron may mean that many companies don’t enjoy the kind of performance that was expected before, but that doesn’t mean there won’t be plenty of positives to take away.”

Global corporate earnings will deliver significant beats in 2022, again defying doomsayers and skeptics, according to JPMorgan Chase & Co. strategists. To gauge that prediction’s accuracy, investors will be looking to earnings from Goldman Sachs Group Inc. (NYSE:), Morgan Stanley (NYSE;), Bank of America Corp. [NYSE:], UnitedHealth Group Incorporated (“NYSE:”), and Netflix Inc. (“NASDAQ:”) are due during the week.

Investors are also awaiting U.S. data later in the day, which includes the and. Additional data including the, will also be available a day later.

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