FTSE 100 continues rally
The FTSE 100 continued its March higher on Wednesday with the index trading at the highest point since August in early trade. Hopes China would soon return to a normal functioning economy were behind the gains.
Asian stocks gain
Asian stocks shrugged off disappointing Chinese economic data overnight. China’s economy has slowed sharply due to lockdowns, with both the manufacturing and services sectors facing pressure. However, investors are looking past this to a potential reopening.
Thai central bank raises rates
The Thai central bank has increased rates to 1.25%. Thailand only has an inflation rate of 6.3% and have avoided the dramatic interest rate hikes experienced in western economies.
Dollar slips
The dollar has dipped after steady gains earlier this week. Jerome Powell is set to speak later today and traders are closing out positions and awaiting any hints on the Fed’s next move.
Home REIT shares gain
Shares in the vulnerable persons accommodation real estate investment trust (REIT) gained after the company responded to ‘baseless’ claims made in a report by a short seller. Home REIT shares had been heavily hit in the past few days.