WFCpQ

Wells Fargo & Company Depositary Shares Representing 1/1000th Interest Perpetual Preferred

23.8800
USD
0.55%
23.8800
USD
0.55%
22.8000 27.6200
52 weeks
52 weeks

Mkt Cap 1.43B

Shares Out 60.00M

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EMERGING MARKETS-Asian stocks eke out gains as slowdown concerns linger

May 25 (Reuters) - Asia's emerging market stocks rose on Wednesday to partially offset some losses posted earlier in the week even as slowdown worries persist, with central banks across the world facing pressure to pursue aggressive rate hikes to contain inflation. Stocks in Seoul .KS11 and Taipei .TWII rose 0.4% and 0.9%, respectively, tracking gains in U.S. stock futures. Shares in Manila .PSI, Bangkok .SETI and Kuala Lumpur .KLSE were up between 0.1% and 0.7%. "The mood is still quite cautious ... but its not unusual that stocks consolidate after a sell-down," said Moh Siong Sim, strategist at Bank of Singapore. Sentiment in Asia remained nervy, with investors refraining from making big bets on worries that persistent COVID-19 lockdowns in China could hamper growth in the region and globally, threatening to undermine recent stimulus measures in the world's second-largest economy. China's yuan CNY=CFXS weakened 0.3%. CNY/ Overnight, Wall Street reeled from weak housing and manufacturing data, while U.S. central bankers backed two more big interest rate hikes as early as June and July to fight 40-year-high inflation. MKTS/GLOB However, an eventual stabilisation in Treasury yields saw the U.S. dollar .DXY recover lost ground to trade 0.2% higher. Most Asian currencies saw small moves in tight ranges, with the Taiwanese dollar TWD=TP, the Philippine peso PHP= and South Korean won KRW=KFTC trading flat to up 0.2%. Thailand's baht THB=TH was down 0.4%. On Tuesday, Indonesia's central bank announced more aggressive hikes in the reserve requirement ratio for banks, but kept interest rates unchanged at a record low. Stocks in Jakarta .JKSE fell 0.6%, while the rupiah IDR= appreciated 0.1%. Meanwhile, officials from Singapore said the city-state's economy expanded more than initially estimated in the first quarter but added annual gross domestic product (GDP) will likely be in the lower half of the 3% to 5% forecast range, citing war in Ukraine and supply chain disruptions. Still, analysts at Nomura forecast annual GDP growth of 4.4% for the city-state. "We continue to see strong catch-up effects from laggard sectors such as travel and tourism," they said. Shares .STI fell 0.6%, while the local dollar SGD= depreciated 0.2%. South Korea's central bank - among the first to begin raising rates with the ebbing of the pandemic - is likely to increase its benchmark rate at a second consecutive meeting on Thursday, according to a Reuters Poll. Inflation is currently running at more than double the central bank's target. HIGHLIGHTS ** The Philippines narrows 2022 GDP growth target due to external risks ** Malaysia's benchmark 10-year yield MY10YT=RR falls to 4.201%, lowest since April 22 ** Malaysia's April consumer price index up 2.3%, in line with a Reuters Poll Asia stock indexes and currencies at 0643 GMT COUNTRY FX RIC FX DAILY % FX YTD % STOCKS DAILY % STOCKS YTD % JPY= .N225 CNY=CFXS .SSEC INR=IN .NSEI Indonesia IDR= .JKSE Malaysia MYR= .KLSE Philippines PHP= .PSI KRW=KFTC .KS11 Singapore SGD= .STI TWD=TP .TWII Thailand THB=TH .SETI (Reporting by Harish Sridharan in Bengaluru; Editing by Sherry Jacob-Phillips) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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