---
title: "Stocks seesaw in Asia amid focus on China, Fed: markets wrap"
description: "Volatile trading pushed stocks between losses and gains in Asia as investors weighed Covid developments in China and awaited a speech from Federal Reserve chair Jerome Powell later on Wednesday."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Business Maverick"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2022-11-30-stocks-seesaw-in-asia-amid-focus-on-china-fed-markets-wrap/"
published: "2022-11-30T05:46:34"
lang: "en-ZA"
word_count: 319
---

# Stocks seesaw in Asia amid focus on China, Fed: markets wrap

> Volatile trading pushed stocks between losses and gains in Asia as investors weighed Covid developments in China and awaited a speech from Federal Reserve chair Jerome Powell later on Wednesday.

By Bloomberg · Published 30 November 2022, 07:46 SAST

## Content

Hong Kong’s benchmark equities opened lower, snapped higher and then began sliding again in the first hour of trading. It was a similar picture for mainland shares.

Australian shares erased early losses after inflation eased and Japan’s market remained in the red following data that showed a sharper-than-expected decrease in industrial production.

US futures edged higher after stocks on Wall Street closed down and ahead of the speech by Powell on the economy and the labour market.

Treasuries were little changed while the dollar gauge declined. The offshore yuan fell as China’s factory and services activity contracted further in November as record Covid cases prompted widespread movement curbs.

Amid the turmoil, a gauge of global stocks was on course for a second monthly advance, which has trimmed its loss so far this year to 18%. Bonds were also poised for a monthly gain, along with losses for 2022 on new par with equities.

In fact, the lockstep moves in stocks and bonds brought their [correlation](https://www.bloomberg.com/news/articles/2022-11-30/lockstep-moves-in-stocks-bonds-are-smashing-60-40-portfolios) this week to the highest level since 2012, heaping pressure on investors seeking to hedge risk by splitting their portfolios between the two asset classes.

The declines in equities on Wall Street Tuesday were led by technology companies. A slump in Amazon shares followed a large debt offering from the retailing giant.

A series of investment grade debt deals was one factor that lured investors from Treasuries, which fell in the US, sending yields higher.

[Oil rose](https://www.bloomberg.com/news/articles/2022-11-29/oil-rises-as-third-day-on-opec-cut-chatter-falling-stockpiles) for a third day on Wednesday after industry data pointed to a substantial draw in US crude stockpiles and investors counted down to an OPEC+ meeting that may see the group agree to cut production.

Gold headed for its biggest monthly gain since May 2021 as the dollar fell on signs the Fed is preparing to slow the pace of interest-rate hikes.

Elsewhere, Bitcoin and other leading crypto assets spiked higher in the Asian trading session. **BM/DM**