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Asian stocks open on positive note despite Wall Street weakness

Asian stocks open

Asian stocks open on positive note despite Wall Street weakness

Asian stocks open – Asia stocks opened mostly in positive territory on Wednesday even as global growth concerns and weak U.S. economic data weighed on Wall Street overnight. 
 
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.35 percent , Australian shares were up 0.33 percent , and Seoul and Taiwan both ticked upwards 0.61 percent and 0.2 percent . 
 
Hong Kong’s, Shanghai’s and China’s CSI300 indexes opened marginally higher while Japan’s Nikkei share average was down 0.18 percent . 
 
On Wall Street, the Nasdaq Composite fell 2.35 percent and the S&P 500 fell 0.81 percent as concerns about rising global inflation pushed central banks to raise rates aggressively, delaying GDP.

Asian stocks open

“Right now, the Fed’s difficulty is that a lot of soft indicators and surveys are pointing to a slowdown,” Standard Chartered Bank’s Steve Englander said. 
 
Gold prices remained stable at $1,865.39 per ounce, after rising to their highest level in two weeks on Tuesday, boosted by a weaker dollar and lower Treasury yields. 
 
The expectation of restricted supplies drove up oil prices. US crude futures CLc1 were trading at $110.45 per barrel, while Brent LCOc1 was trading at $114.22. 
 
On Wall Street, social media stocks were in particularly terrible position after Snap issued a profit warning, sending its price down 43%.