By Doris Yu
Investing.com – Asia Pacific stocks were up on Wednesday morning as investors speculated that the worst of 2022's equity rout is over.
Japan’s Nikkei 225 rose 2.35% by 10:26 PM ET (2:26 AM GMT).
South Korea’s KOSPI was up 0.90%. US Treasury Secretary Janet Yellen started a two-day visit to South Korea.
In Australia, the ASX 200 was up 1.72%. The Reserve Bank of Australia signaled the need for higher interest rates to contain rising inflation, even after recent rate hikes, as unemployment drops to its lowest level in nearly 50 years, according to minutes of its July policy meeting on Tuesday.
Hong Kong’s Hang Seng Index rose 1.97%.
China’s Shanghai Composite was up 0.67% while the Shenzhen Component rose 0.71%. China is reported to have fined ride-hailing giant Didi Global Inc. more than $1 billion after a year-long probe into the firm. Investors remained concerned about China’s crackdown on the tech industry.
Also on investor’s radar is that the U.S. Federal Reserve will avoid very aggressive monetary tightening.
“Stocks have been beaten down,” Kristina Hooper, chief global market strategist at Invesco, wrote in a note. “That doesn’t mean we won’t see more downside for some stock markets around the world, especially given that earnings expectations are likely to be adjusted downward. But I believe we are far closer to the bottom than the top.”
Across the Atlantic, Gazprom PJSC (OTC:OGZPY) is poised to restart gas exports to Europe on Thursday at reduced capacity through its Nord Stream pipeline which is scheduled to reopen following maintenance.
On the data front, the Bank of Japan and the European Central Bank are due to release their interest rate decisions on Thursday.