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Asian stocks higher at close amid hopes of less hawkish central banks

Asian stocks higher at close amid hopes of less hawkish central banks
Japan's Nikkei 225 index in Japan up 0.48% to 27,120 points

By Aysu Bicer

ANKARA (AA) – Asian stocks closed Wednesday high as investors are getting more optimistic that central banks might become less hawkish, increasing risk appetite globally.

As ever-increasing inflation data has kept coming from all around the world, the central banks of the UK, Norway, Switzerland, Taiwan, South Africa, Indonesia, and the Philippines have made aggressive interest rate hikes recently.

Yet, the Reserve Bank of Australia raised the rates by 0.25 percentage points on Tuesday to 2.6%, below the market forecast – a sign that central banks may reverse their aggressive monetary stance in the upcoming period.

Japan's Nikkei 225 index gained 0.48% to reach 27,120 points, while Australia's ASX 200 index rose 1.7% to 6,815 points.

South Korea's Kospi index increased 0.26% to 2,215 points.

Hong Kong's Hang Seng index, meanwhile, rose 5.89% to 18,085 points, compensating for the rally since the beginning of the week.

While the official holiday continues in the Chinese markets due to the Golden Week, there are no transactions in the Indian stock markets as well.

Oil prices also increased due to soaring supply-side concerns fueled by anticipated supply cuts by OPEC+ producers.

International benchmark Brent crude is hovering around $91.98 per barrel from the closing price of $91.80 a barrel in the previous trading session.

American benchmark West Texas Intermediate, trading at $86.59 per barrel at the same time, increased 0.08% after the previous session ended at $86.52 a barrel.

Investors are now awaiting the outcome of the OPEC+ meeting on Wednesday, when the group is expected to trim output in November in line with its demand forecast.

source: News Feed
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