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What is Driving the Rise of Stock Markets in Asia?

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Most stock markets in Asia rose on Monday after strong US economic data sent Wall Street to its best close in six weeks.

The Hong Kong (Hang Seng) index rose less than 0.1 percent to 20,576.11 points, while the (Shanghai Composite) lost 0.2 percent to 3,320.42 points.

During the annual People’s Congress, the government set an economic growth target for this year of around five percent as China tries to reopen business activity after the end of anti-coronavirus controls that have kept millions at home.

Chinese President Xi Jinping said his country’s priority is to rebuild the economy based on consumer spending after growth fell to 3 percent last year, the second-lowest level since the 1970s.

In Japan, the Nikkei 225 in Tokyo rose 1.2 percent to 28,253.60. The Kospi index in South Korea rose by 1.1 percent to 2458.88 points.

The Australian (S&P/ASX 200) index rose 0.6 percent to 7,325.20, and shares in Taiwan also rose.

Thailand’s stock exchanges were closed for a national holiday.

Markets were volatile due to uncertainty about the direction of inflation and what steps the US Federal Reserve would take.

Data released last Friday showed the US economy is in better shape, dispelling fears of a potential recession.

Source: Ap

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