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Asian markets rise with Nikkei 225 outperforming; Hong Kong's Tech index soars by 2%

Taiwan & South Korean markets traded flat after the Taiwan markets hit new highs as demand for chip manufacturing hits record highs.

January 18, 2022 10:18 IST | India Infoline News Service
Asian markets opened in the green with other markets traded flat even as Chinese stocks reacted to rate cuts by the Central Bank to spur business activity. Taiwan & South Korean markets traded flat after the Taiwan markets hit new highs as demand for chip manufacturing hits record highs.

In Japan, the Nikkei 225 climbed 0.84%, the Topix index advanced 0.5%, Hong Kong’s Hang Seng index rose 0.48% while the tech-focused Hang Seng Tech index added 1.72%.

While Chinese mainland shares also rose with the Shanghai Composite was up 0.47% and the Shenzhen Component added 0.36%.

On the economy front, China's central bank cut its one-year lending rate by 10 basis points to 2.85%, the first cut since April 2020. China's economy expanded 4% YoY in the fourth quarter, better than consensus estimates of 3.3% but down from Q3's 4.9% pace. GDP expanded 8.1% for the full year. December industrial production climbed 4.3% vs. a year earlier, slightly better than estimates but retail sales grew just 1.7%, vs. estimates for 3.8%.

Australia’s ASX 200 traded near the flat zone, whereas South Korea’s Kospi index bucked the generally upward trend and was down 0.22%, but the Kosdaq rose 0.15%, despite trimming some of its earlier gains.

Meanwhile, the Organization of the Petroleum Exporting Countries, or OPEC, is due to release its monthly oil market report on Tuesday.

Further, US markets were closed on Monday in observance of the Martin Luther King Jr. holiday. The 10-year Treasury yield rose five basis points to 1.82%, which would be a two-year high. The two-year yield topped 1% for the first time since 2020.

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