Asian shares advance on back of Wall Street gains - Albuquerque Journal

Asian shares advance on back of Wall Street gains

BANGKOK (AP) — Shares rose in Asia on Friday after an advance on Wall Street led by the latest rally in technology companies.

Chinese benchmarks rose on reports the government is planning new measures to support the ailing property sector, which has dragged on growth over the past several years.

The relaxation of some of the country’s “zero-COVID” rules is also boosting hopes for the economy will gain momentum, though experts say it will take months for tourism and other business to recover from the disruptions of the pandemic.

“Asian stocks are a bit higher, but full-out exuberance has been tempered by rising COVIDcases and skepticism of the force of reopening economic tailwind that the current level of Asian risk assets implies,” Stephen Innes of SPI Asset Management said in a commentary.

While outside experts had increasingly criticized China’s containment policy, which sought to isolate every case, as unsustainable, they have also warned that the country will now face a challenging first wave, as the loosened measures will no doubt fuel an increase of cases.

Hong Kong’s Hang Seng index rose 1.5% to 19,726.07. The Shanghai Composite index climbed 0.2% to 3,203.57.

Tokyo’s Nikkei 225 index gained 1.3% to 27,924.81 and the Kospi in Seoul rose 0.4% to 2,380.87. Australia’s S&P/ASX 200 picked up 0.5% to 7,211.60.

On Thursday, the S&P 500 rose 0.8% to 3,963.51, while the tech-heavy Nasdaq composite closed 1.1% higher, at 11,082. The Dow Jones Industrial Average added 0.5% to 33,781.48.

Small company stocks gained ground. The Russell 2000 index added 0.6% to 1,818.29.

Tech stocks powered much of the rally, along with health care companies and retailers. Chipmaker Nvidia climbed 6.5%, Pfizer rose 3.1% and Nike gained 2.8%.

Bond yields mostly rose. The yield on the 10-year Treasury note, which helps set mortgage rates, increased to 3.49% from 3.42% late Wednesday.

Major indexes are all in the red for the week and have been swinging between big monthly gains and losses throughout the year. Investors’ worries about inflation, rising interest rates and recession risks have made for a volatile market. That has also left Wall Street focused on data points on the economy, especially those regarding inflation.

Activision Blizzard lost 1.5% after the Federal Trade Commission said it is suing to block Microsoft’s planned $69 billion takeover of the video game company, saying it could suppress competitors to its Xbox game consoles and its growing games subscription business. Microsoft rose 1.2%.

On Thursday, the U.S. reported slightly more Americans filed for jobless claims last week, but not as many as economists had forecast. The labor market remains one of the strongest pockets of the economy, which has been stifled under the weight of stubbornly hot inflation and rising interest rates.

Low unemployment is good for the broader economy but makes it more difficult for the Federal Reserve to tame inflation. The central bank has been raising interest rates to curb borrowing and spending in order to cool stubbornly hot inflation. Its benchmark interest rate sits at 3.75% to 4%, the highest in 15 years.

The Fed will meet next week and is expected to raise its benchmark interest rate by a half-percentage point.

Resilient consumer spending, which is partly tied to strong employment, has made the fight against inflation more difficult but has been keeping the economy strong enough to avoid recession, analysts say. It is also increasing the chances that the Fed will go too far in raising interest rates.

Wall Street will get more insight into how consumers feel about inflation and the economy on Friday when the University of Michigan releases its consumer sentiment survey for December. Investors will also get an update on how inflation is impacting businesses when the government releases its latest monthly report on wholesale prices Friday.

In other trading, U.S. benchmark crude oil gained 51 cents to $71.97 per barrel in electronic trading on the New York Mercantile Exchange. It settled 0.8% lower at $71.46 per barrel.

Brent crude added 57 cents to $76.72 per barrel.

The U.S. dollar slipped to 135.99 Japanese yen from 136.69 yen. The euro rose to $1.0581 from $1.0556.

___

AP Business Writers Damian J. Troise and Alex Veiga contributed.

Home » Business » Most Recent Biz News » Asian shares advance on back of Wall Street gains

Insert Question Legislature form in Legis only stories




Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email yourstory@abqjournal.com

taboola desktop

ABQjournal can get you answers in all pages

 

Questions about the Legislature?
Albuquerque Journal can get you answers
Email addresses are used solely for verification and to speed the verification process for repeat questioners.
1
NM education chief retires as Cabinet turnover continues
ABQnews Seeker
PED Chief Kurt Steinhaus announced his ... PED Chief Kurt Steinhaus announced his departure Saturday
2
2 teens shot, 1 killed, in Southwest Albuquerque shooting
ABQnews Seeker
Authorities are looking for the shooters, ... Authorities are looking for the shooters, who fled in a ‘dark-colored’ sedan
3
New Mexico seems determined to extend class time. What ...
ABQnews Seeker
Three competing proposals are on the ... Three competing proposals are on the table
4
New NM health secretary learning on the job after ...
ABQnews Seeker
Patrick Allen heads a key agency ... Patrick Allen heads a key agency on the front lines of the state’s pandemic response, after leaving behind a lengthy state government career in ...
5
Emptying the Notebook: Air Force latest to beat up ...
ABQnews Seeker
The Journal's Geoff Grammer empties his ... The Journal's Geoff Grammer empties his notebook with extra news, notes, videos and stats from the Lobos' Friday night win.
6
No drama for birthday llama: ABQ llama celebrates 27th ...
ABQnews Seeker
'This llama is bringing everyone together,' ... 'This llama is bringing everyone together,' says family friend
7
National Hispanic Cultural Center parts ways with executive director
ABQnews Seeker
Co-acting directors will take over leadership, ... Co-acting directors will take over leadership, says Cultural Affairs official
8
Roundhouse roundup: Guns, food and liquor measures all on ...
ABQnews Seeker
Gun safety, criminal justice issues, a ... Gun safety, criminal justice issues, a minimum wage battle and a proposed booze ban for state senators were all up for discussion this week.
9
‘La Cartonería Mexicana’ celebrates more than 100 colorful pâpier ...
Arts
Santa Fe's Museum of International Folk ... Santa Fe's Museum of International Folk Art is showing ‘La Cartonería Mexicana’ through Nov. 3, 2024
10
Kenneth H. Martinez, 1954-2023: Former district judge ‘was good ...
ABQnews Seeker
Albuquerque native, 2nd Judicial District Court ... Albuquerque native, 2nd Judicial District Court judge had a long battle with Alzheimer’s disease