17 May 2022
Asian Shares Rise on High Expectation of Easing China Tech Crackdown
The Index Today
Asian shares rise on Tuesday, boosted by technology majors, as hopes expectation grow for an easing of China's regulatory crackdown on tech sector.
According to Reuters, market sentiment has also been bolstered as Shanghai achieved the long-awaited milestone of three straight days with no new COVID-19 cases outside quarantine zones, which could lead to the beginning of the lifting of restrictions.
European markets were set for a higher open with the pan-region Euro Stoxx 50 futures up 0.85%, German DAX futures rising 0.87% and FTSE futures gaining 0.45%. U.S. stock futures, the S&P 500 e-minis, were up 0.42%.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 1.5% on Tuesday, but the index is still down 6.4% so far this month. U.S. stocks ended the previous session with mild losses.
In Tokyo, the Nikkei rose 0.33% in afternoon trade, while in Australia the S&P/ASX200 index gained 0.25%.
Mainland China's CSI300 Index gained 0.95% while Hong Kong's Hang Seng Index was 2.35% higher, as tech firms listed in the city jumped more than 4% on hopes of Beijing's crackdown on the sector being relaxed.
©Photo: NBC News