March 8, 2021

Asian Markets Rebound

The Fed’s symposium at Jackson Hole, Wyo., has been the key focus of investor attention for days now, with some anticipating — rightly or wrongly — that the Fed’s chairman, Ben S. Bernanke, could outline more stimulus measures for the ailing U.S. economy during the event.

Many have been sitting on the sidelines in anticipation of the event, though hopes for fresh signals of Fed support have also helped stock markets in the United States and Europe post gains.

Markets in Asia have staged a less decisive rally than those in Europe and the United States this week, mostly wavering between losses and gains all week.

After modest falls on Wednesday, Thursday was a day of muted rises across the region: The key indexes in Japan, Singapore and Hong Kong were all 1.4 percent higher by late morning. In Australia, the S.P./ASX200 rose 1.2 percent, and in mainland China, the Shanghai composite index gained 0.9 percent by late morning.

Meanwhile, the price of gold hovered around the $1,750-an-ounce mark, having sagged about $100 dollars during the U.S. trading day Wednesday.

The precious metal is seen as a haven, and is generally much sought after in times of uncertainty. This haven status has pushed the price of gold sharply higher since July — an ounce of gold was worth about $1,484 on July 1. But as the price rises continued, analysts have increasingly warned that the market was due for a correction.

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