Alibaba news boosts Asian shares

By Agence France-Presse

Jul 27, 2022 12:20 am

HONG KONG: Asian markets rose on Tuesday as an Alibaba-fueled surge in Hong Kong provided a much-needed boost to sentiment ahead of a slew of earnings reports from the world's biggest firms and an expected Federal Reserve (Fed) interest rate hike.

A shock cut in American retail titan Walmart's profit outlook fanned concerns that surging inflation and rising borrowing costs are hammering consumer spending and could send the world's largest economy into a recession.

MONITORING MARKETS A currency trader watches monitors at the foreign-exchange dealing room of the KEB Hana Bank’s headquarters in Seoul, South Korea on Tuesday, July 26, 2022. AP PHOTO

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