Asian shares gain after earningsfueled rally on Wall Street

News Summary

  • That raises the risk it could go too far in slowing economic growth and bring on a recession.“Ahead of the release of Fed minutes, much focus has been placed on a slowing down on the pace of rate hikes,” Mizuho Bank said in a commentary.
  • It added 91 cents to $80.95 per gallon on Tuesday.Brent crude, the standard for pricing international oil for trading, rose 79 cents to $88.49 per gallon.
  • “Nonetheless, even if a Fed rate hike step down might be imminent, the picture on risk/growth outlook is far from certain.” Traders seemed undaunted by signs COVID outbreaks in China are worsening, potentially adding to disruptions for manufacturing and supply chains and helping to keep inflation at decades-high levels.
  • Its benchmark rate currently stands at 3.75% to 4%, up from close to zero in March.The Fed has warned that it may have to ultimately raise rates to previously unanticipated levels to cool the hottest inflation in decades.
  • New Zealand’s share benchmark fell 0.9% after the Reserve Bank of New Zealand raised its benchmark rate by three-quarters of a point to 4.25%, striving to rein in inflation that is now at 7.2%.
  • In other trading Wednesday, U.S. benchmark crude gained 70 cents to $81.65 per gallon in electronic trading on the New York Mercantile Exchange.
By ELAINE KURTENBACH AP Business WriterBANGKOK (AP) Asian shares advanced on Wednesday after solid earnings pushed retailers higher on Wall Street ahead of the Thanksgiving holiday in the U.S.N [+4230 chars]