By Gina Lee
Investing.com – Asia-Pacific stocks were up on Wednesday morning. Investors are keeping an eye on the .
Japan was up 0.92% at 10:08 p.m. ET (03:09 GMT). The Bank of Japan is sticking to its bond buying plan even as yields rose to 0.215%, closer to the central bank’s ceiling.
South Korea gained 0.67%
In Australia, the increase of 0.57%
That of Hong Kong increased by 1.86%
China rose 0.35% while rising 0.75%. Chinese state-backed funds stepped into the stock market to buy local stocks on Tuesday afternoon after the benchmark’s biggest intraday drop since August 2021.
US stock futures advanced. Bond markets remain wary as the US Federal Reserve prepares to raise interest rates to contain inflation.
Investors are keeping an eye on continued strong corporate earnings amid concerns about a rapid withdrawal of stimulus measures since the COVID-19 pandemic. Investors expect the US Federal Reserve to adopt a more aggressive takeoff in March as data this week could show rising US inflation.
“We’re still in a pretty good environment for the economy,” Lauren Goodwin, multi-asset portfolio strategist at New York Life Investments, told Bloomberg Television. “It’s still a completely cyclical story from our perspective.”
Goodwin said the company is looking at asset classes like small caps and value stocks while stressing the importance of stock picking.
About 76% of companies said their profits were more than 6% above projected levels.
“Even though the growth rate is slowing, we are still seeing positive revisions going forward,” Erin Gibbs, Chief Investment Officer of Main Street Asset Management, told Bloomberg Television.
That and forecasts suggest companies “clearly believe earnings growth is going to significantly outpace inflation for a year, so that’s another positive sign,” Gibbs said.
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