Stock market today- Asian shares rise on optimism over Wall Street rally
时间:2024-09-29 04:04:24 阅读(143)
Asian shares were mostly higher Monday after a rally on Wall Street driven by reports that showed inflation abating, alleviating fears over the threat of a recession.
Japan’s benchmark Nikkei 225 rose 1.7% to 33,753.33 in afternoon trading. Australia’s S&P/ASX 200 added 0.6% to 7,248.10.
“Asia gets the new half kicked off amid a growing sense of optimism, with low volatility buoying markets on the back of a surprisingly strong run of U.S. economic data, wiping the slate clean of recession concerns,” Stephen Innes, managing partner at SPI Asset Management, said in a report.
The quarterly “tankan report” of business sentiment compiled by the Bank of Japan showed an improvement for the fifth consecutive quarter, from June last year, with the main indicator number rising by 3 points to plus 23. Wall Street closed a winning week last week, with the S&P 500 climbing 1.2% to 4,450.38, its highest level since April 2022.
The Dow Jones Industrial Average rose 0.8% to 34,407.60 and the Nasdaq composite jumped 1.4% to 13,787.92. U.S. trading is closed for half a day Monday and all of Tuesday for the Independence Day holiday. Investors are hoping price increases will ease enough for the Federal Reserve to soon halt its hikes to interest rates. That would mean less pressure for the U.S. economy and for global financial markets.
A report on Friday showed a measure of inflation that the Fed prefers to use eased in May. It also said growth in spending by consumers slowed by more than expected. If fewer dollars are chasing after purchases, that could remove more pressure on inflation.
The Fed has already raised rates a mammoth 5 percentage points from virtually zero early last year. Traders on Wall Street pared back bets that the Fed may hike interest rates twice again this year, with the majority betting the federal funds rate will be only 0.25 percentage points higher at the end of 2023, if it all, according to data from CME Group.
Yields in the bond market turned lower Friday after the release of the economic data. The 10-year Treasury yield fell to 3.82% from nearly 3.87% just before the report’s release. It helps set rates for mortgages and other important loans.
The S&P 500 closed out its sixth winning week in its last seven in June and its best month since October. The index’s gain of nearly 16% through the first six months of the year is better than it’s done in 16 of the last 23 full years.
In energy trading, benchmark U.S. crude fell 28 cents to $70.36 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, lost 25 cents to $75.16 a barrel. In currency trading, the U.S. dollar rose to 144.70 Japanese yen from 144.30 yen. The euro cost $1.0891, down from $1.0924.
猜你喜欢
- Bull case for Nifty at 20,919 in 2023- Kotak Securities
- Petrol and Diesel Price Today, 11 Oct 2022- Fuel cost steady; Check rates in Delhi, Mumbai, Noida, other cities
- Nifty selling pressure to continue under 17800; Godrej Properties, Dr Reddy’s among top stocks to buy
- Nifty range-bound, index seeing profit-booking; Bata India, L&T, Canara Bank among stocks to buy
- Nifty support at 15700, July F&O series begins with 75% rollover from Jun series; go for stock specific buying
- Organisational resilience and the hermit crab
- Petrol and diesel price July 29- Fuel cost unchanged; Check prices in Delhi, Mumbai, other cities here
- Nifty positively biased, witnessing short covering bounce, traders should buy on dips; Bank Nifty sees selling pressure
- Nifty to gain or sink below 18700- See SGX Nifty, FII data, US shares, more things to know before market opens