Asia’s share rises as Wall Street’s technological advances boost optimism | WGN Radio 720

Tokyo (AP) — Asian stocks were mostly high on Thursday, tracking an overnight rise on Wall Street as investors sought bargains, including tech stocks.

Benchmarks rose in Tokyo, Seoul and Sydney. The Hong Kong market was closed due to a holiday.

The Shanghai Composite Index remained almost unchanged at 3,561.91 after the government reported a surge in producer inflation. This rose from 9.5% in August to a record high of 10.7% year-on-year in September.

Capital Economics said in a report that most of the increase was due to soaring coal prices, which seems to have not affected consumer prices, even though some parts of the country are struggling with electricity shortages. Stated. The consumer price index fell from 0.8% in August to 0.7%.

Also on Thursday, the Monetary Authority of Singapore raised benchmark interest rates because of price pressure. The move to allow the Singapore dollar to rise slightly against the US dollar and expand its trade zone from 0% is news that the city-state’s economy grew at an annual rate of 6.5% from July to September. It matched.

Japan’s benchmark Nikkei 225 was 28,531.45, up 1.4% in the afternoon trading as new Prime Minister Fumio Kishida dissolved the parliament prior to the October 31 general election. Fumio Kishida has already messed up key policies during his tenure of about a week. But split opposition means that the ruling Liberal Democratic Party may still have an advantage, despite growing public disillusionment with the stagnant economy and the government’s response to coronavirus.

South Korea’s Kospi rose 1.1% to 2,975.82. Australia’s S & P / ASX 200 was up 0.5% to 7,311.70. Transactions in Hong Kong were closed due to a holiday.

“Asian stocks rose Thursday following a positive takeover from Wall Street, where technology and growth sectors outperformed,” said Anderson Alves of ActivTrades.

On Wednesday, the S & P 500 rose 0.3% to 4,363.80. The Dow ended flat, dropping 0.53 points to 34,377.81. High-tech-intensive Nasdaq was up 0.7% to 14,571.64. SME stocks also rose. The Russell 2000 Index was up 0.3% to 2,241.97.

Investors gained more insight into the Federal Reserve’s next policy move after the central bank released the minutes of last month’s policymakers’ meeting.

At its last meeting, the Federal Reserve Board agreed that if the economy continues to improve, it could begin reducing monthly bond purchases starting next month and finish by mid-2022.

Investors got the latest updates on inflation in one fell swoop. Consumer prices rose 5.4% year-on-year in September, comparable to the highest since 2008. This was slightly above the economist’s expectations. Many companies are dealing with supply chain disruptions and delays as demand for goods grows, warning of increased costs and worsening performance.

Kristina Hooper, Invesco’s Chief Global Market Strategist, said: “We will see a lot of variability and change in leadership. That’s just part of the transition period we’re in.”

As companies raise prices to offset rising shipping and raw material costs, analysts are concerned that rising prices could stall consumer spending, a major driver of economic growth. increase. New car, food, gas and restaurant meal costs all surged in September, according to the latest report from the Ministry of Labor.

Investors will get more data on US consumer spending on Friday, when the Ministry of Commerce reports retail sales in September.

In energy trading, electronic trading on the New York trading exchange saw benchmark US crude rise 54 cents to $ 80.98 a barrel. It fell 20 cents to $ 80.44 on Wednesday. The international standard Brent crude oil rose 57 cents to $ 83.75 a barrel.

In foreign exchange trading, the US dollar rose from 113.23 yen to 113.58 yen. The euro was priced at $ 1.1590, down from $ 1.1593.


Contributed by AP business writers Damian J. Troise and Alex Veiga.

Yuri Kageyama is on Twitter

Asia’s share rises as Wall Street’s technological advances boost optimism | WGN Radio 720

Source link Asia’s share rises as Wall Street’s technological advances boost optimism | WGN Radio 720

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