Asian markets rally in early trading, building on US gains

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Asian markets rallied in early trading on Monday, building on the momentum of gains in the United States and Europe at the end of last week, as investors price in the expectation of further interest rate hikes aimed at taming inflation. Equities in Japan, Australia, Singapore, Taiwan and Jakarta surged, while markets in Hong Kong, China and South Korea were closed for a public holiday.

The euro continued to gain against the dollar, with investors in Europe weighing the prospect of the European Central Bank (ECB) following the US Federal Reserve’s lead and raising key rates. On Sunday, German central bank president Joachim Nagel signalled ECB would probably continue raising interest rates to curb runaway inflation.—AFP

 

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