Asian Stocks Rise, China Releases Latest Economic Data By

© Reuters.

By Gina Lee – Asia-Pacific stocks were mostly up on Monday morning as investors digested news from China and the additional steps the country will take to spur economic growth.

China was up 0.29% at 9:28 p.m. ET (0228 GMT) and up 0.77%. Data released earlier today showed GDP grew 4% and 1.6% in the fourth quarter. rose 4.3% year-over-year and rose 1.7% year-over-year in December, when the rate was 5.1%.

That of Hong Kong fell by 0.75%.

Japan gained 0.69%, with the postponement of its policy decision on Tuesday.

South Korea slipped 1.12% while Australia edged up 0.15%.

US stock and bond markets are closed Monday for a public holiday.

However, China continues to face a housing downturn, power shortages and the latest COVID-19 outbreaks.

Bond yields in Australia and New Zealand rose after a fall in US Treasuries at the end of the previous week. However, the benchmark US 10-year yield has returned to pre-COVID-19 levels.

China’s outlook, US Federal Reserve monetary policy tightening and the omicron COVID-19 variant are all coloring investor sentiment. The Fed should raise its interest rate by 50 basis points more than expected in March 2022 to “restore credibility”, according to investor Bill Ackman.

Investors are also looking to earnings season to see if earnings can help slow the pullback in global equities, driven in part by a decline in U.S. tech stocks.

“Given the backdrop of record inflation and the historically tight labor market, investors are focusing on margins; demonstrating pricing power, passing on rising costs to the customer,” said Julian Emanuel, chief equity officer and quantitative strategist at Evercore ISI, in a note.

At the same time, Axel P. Lehmann was appointed Chairman of Swiss credit SA Group (SIX:). Goldman Sachs Group Inc. (NYSE:), Morgan Stanley (NYSE:), Bank of America Corp. (NYSE:), Unitedhealth Group Inc. . (SA:) and Netflix Inc. (NASDAQ:) are among the companies reporting earnings during the week.

The United States releases data including Tuesday, followed by a day later.

Countries due to make interest rate decisions on Thursday include Indonesia, Malaysia, Norway, Turkey and Ukraine.

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