Kanupriya Kapoor

(Reuters] – Asia stock opened in positive territory Wednesday, despite Wall Street’s concerns about global growth and the weak U.S. economy data.

MSCI’s Asia-Pacific broadest index rose 0.3%. Australian shares were also up 0.3%. Seoul and Taiwan ticked above 0.61% and 0.2%.

The opening of the CSI300 Indexes in Hong Kong, Shanghai and China was marginally better than expected. However, shares averaged 0.18% lower.

Wall Street’s shares fell 2.35% and 0.81% respectively as Wall Street worries over rising inflation drove central banks to raise their interest rates, slowing economic growth.

Steve Englander from Standard Chartered Bank explained that the Fed is currently facing a problem because a lot of surveys and indicators are pointing towards slowed growth.

“While hard data on activity and inflation do not suggest an imminent slowdown, it is hard to ignore a day when the S&P services PMI, new home sales, and Richmond Fed index all come in below the lowest expectation.”

U.S. home sales fell by 16.6% in April, which was the worst month in nine years. U.S. Treasuries yields dropped to one-month lows after investors again turned to safety. The 10-year benchmark note stood at 2.768%, while the 2-year yield dropped to 2.464%. This was the lowest level since April 19, but it has since risen to 2.483%.

The gold prices held steady at $1,865.39 an ounce. They had risen to the highest level in 2 weeks Tuesday, as the safety-haven metal’s appeal increased due to a weaker U.S. Dollar and lower Treasury yields.

The prospect of limited supplies caused oil prices to rise. Oil futures were at $110.45/barrel and now stand at $114.22.

Wall Street’s social media stocks fell 43% after Snap issued a profit warning.