Asian stocks extend global rally as recession fears ease for now


Asian markets rose Friday on easing recession fears, while there were growing hopes that Joe Biden will remove some Trump-era tariffs from Chinese goods. Buying was also boosted by reports that Beijing was considering a huge stimulus shot to the struggling economy by allowing local governments to raise billions of dollars through bond issuance for infrastructure projects.

However, surging inflation, rising interest rates and a fresh flare-up of Covid infections in Shanghai continued to keep investor sentiment grounded. Traders were handed a strong lead from Wall Street, where all three main indexes climbed for a fourth straight day, helped by two top Federal Reserve officials who said the economy could with stand sharper rate hikes and maintain growth.— AFP


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