Asian shares traded mostly higher on Tuesday as investors’ fears over the recent banking turmoil eased.
As of 9.29 A.M. Bangkok, in Australia, the S&P/ASX 200 rose 1.06%. Japan’s Nikkei 225 was up fractionally, while the Kospi in South Korea added 0.39%.
Hong Kong’s Hang Seng index and the Shanghai Composite in mainland China both saw little changes.
Stocks on Wall Street closed higher overnight, with the banking sector leading the way higher as investors tried to overlook the upheaval caused by First Citizens BancShares’s agreement to acquire substantial parts of Silicon Valley Bank, according data from the U.S. Federal Deposit Insurance Corporation.
The Dow Jones Industrial Average rose by 0.6%, or about 200 points, while the S&P 500 gained 0.2%. The Nasdaq Composite lost 0.5% to end at 11,768.84.
The market is still worried that the Federal Reserve will have to implement higher rate hikes for a longer period of time in order to curb inflation. The likelihood of a recession occurring later this year would increase under such conditions.
