South Korea GDP, central bank, currencies, oil

SINGAPORE — Stocks in the Asia-Pacific region were mostly higher on Tuesday as South Korea’s gross domestic product beat estimates.

South Korea’s Kospi recovered from its losses to rise 0.43%, while the Kosdaq gained 0.11%.

South Korea’s economy grew 0.7 percent in the second quarter from the first quarter of 2022, according to estimates released by the Bank of Korea.

This compared to the 0.4% growth expected by analysts in a Reuters poll. The country’s GDP grew by 0.6% in the January-March quarter.

“This morning’s impression actually gives the [Bank of Korea] more leeway to pursue their policy priority of getting inflation and inflation expectations under control before worrying about growth,” Kathleen Oh, an economist at Bank of America Securities, said on Tuesday.

Hong Kong’s Hang Seng Index rose 0.65%, with Alibaba jumping 4.12%.

Alibaba said on Tuesday it would apply for a primary listing on the Hong Kong Stock Exchange, where its shares are already listed, according to a press release. If completed, the company will become a dual primary listed company in Hong Kong and New York. This should happen before the end of 2022.

Mainland Chinese stocks also rose. The Shanghai Composite rose 0.11%, while the Shenzhen Component rose 0.16%.

In Australia, the S&P/ASX 200 was slightly higher.

Japan’s Nikkei 225 bucked the trend, falling 0.28%. The Topix index was close to the flat line.

MSCI’s broadest Asia Pacific ex-Japan equity index gained 0.25%.

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The Bank of Japan released the minutes of its June meeting on Tuesday, after keeping interest rates at ultra-low levels last week.

BOJ board members said the economy was poised to recover from the effects of Covid, but still needed strong financial support due to pressure from rising prices. raw material prices.

“They also agreed that it was necessary to give due consideration to developments in the financial and foreign exchange markets and their impact on economic activity and prices in Japan,” the minutes read.

The Japanese yen has weakened as the country’s monetary policy diverges from that of the Fed and much of the developed world.

The Japanese yen was trading at 136.32 to the dollar, stronger than last week’s levels.

Overnight in the US, the S&P 500 gained 0.1% to close at 3,966.84. The Dow Jones Industrial Average advanced 90.75 points, or 0.3%, to 31,990.04. The tech-heavy Nasdaq Composite fell 0.4% to 11,782.67.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 106.250, a far cry from this month’s highs.

The Australian dollar was at $0.6978.

The Aussie has been trending higher in line with rising commodity prices, but is expected to trade in a narrow range ahead of Wednesday’s inflation data report, wrote Joseph Capurso, head of international economics at the Commonwealth Bank of Australia, in a Tuesday note.

Oil futures rose in Asian trading. U.S. crude rose 0.63% to $97.31 a barrel, while Brent crude rose 0.74% to $105.93 a barrel.

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