Asian stocks rise as anxiety over banks starts to fade
Asian stocks are higher after anxiety about the global financial system began to fade following three high-profile bank failures
By JOE McDONALD
Published - Mar 29, 2023, 02:18 AM ET
Last Updated - Jun 22, 2023, 12:41 PM EDT
BEIJING (AP) — Asian stocks rose Wednesday as anxiety about the global financial system began to fade following three high-profile bank failures.
Tokyo, Hong Kong and Sydney advanced. Shanghai followed Wall Street lower. Oil prices gained.
Fears global banks might be cracking under the strain of interest rate hikes to cool inflation temporarily pushed aside unease about slowing economic growth. Some calm has returned after regulators announced measures to shore up the system.
“Clearly, investors have not completely lost their anxiety,” said Robert Carnell and Min Joo Kang of ING in a report.
