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Asian stock markets rose Friday after Wall Street fell closer to bear territory

Investors were uneased by a slowdown in China, rising interest rates, and Russia's war in Ukraine as the benchmark S&P 500 index fell 0.6% on Thursday. A bear market is defined by a decline of at least 20% from a high. The benchmark is down 18.7% from its high in January.

Wall Street fell closer to bear territory, China cut a key interest rate, and Japanese inflation rose, boosting Asian stock markets Friday.

The Shanghai, Tokyo, Hong Kong and Sydney benchmarks rose and oil prices dropped more than one dollar per barrel.

The Shanghai Composite Index rose 0.7% to 3,118.79 after the Chinese central bank reduced its rate on a five-year loan in a move that would shore up weak housing sales by cutting mortgage costs.

20 May 2022


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