Asian shares are trading mostly higher as market jitters decline over protests in China set off by growing public anger over COVID-19 restrictions
TOKYO — — Asian shares were mostly higher Tuesday as market jitters declined overBenchmarks rose in early trading in Australia, South Korea and China, while shares fell in Japan. Oil prices fell.
Japan's Nikkei 225 lost 0.5% in early trading to 28,016.27. Australia's S&P/ASX 200 inched up nearly 0.1% to 7,233.50. South Korea's Kospi added 0.3% to 2,415.76. Hong Kong's Hang Seng added 1.8% to 17,612.65, while the Shanghai Composite added 0.6% to 3,096.54. The unrest has stoked worries on Wall Street that if Chinese leader Xi Jinping cracks down further on dissidents there or expands the lockdowns, it could slow the Chinese economy, which would hurt oil prices and global economic growth, said Sam Stovall, chief investment strategist at CFRA.
Banks and industrial stocks also were among the biggest drags on the market. JPMorgan fell 1.7% and Boeing slid 3.7%.Macao tentatively renewed their licensesThe fallout from the collapse of crypto exchange FTX continued. Cryptocurrency lender BlockFi is filing for Chapter 11 bankruptcy protection. Cryptocurrency exchange Coinbase Global fell 4% and the price of Bitcoin slipped 2.1%.
without going too far and causing a recession. The central bank's benchmark rate currently stands at 3.75% to 4%, up from close to zero in March. It has warned it may have to ultimately raise rates to previously unanticipated levels to rein in high prices on everything from food to clothing. The government will release several reports about the labor market this week that could give Wall Street more insight into one of the strongest sectors of the economy. A report about job openings and labor turnover for October will be released on Wednesday, followed by a weekly unemployment claims report on Thursday. The closely watched monthly report on the job market will be released on Friday.
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