Stock market today: Asian shares rise on optimism over Wall Street rally
Asian shares are mostly higher after a rally on Wall Street driven by reports that showed inflation abating, assuaging fears over the threat of a recession
TOKYO (AP) — Asian shares were mostly higher Monday after a rally on Wall Street driven by reports that showed inflation abating, assuaging fears over the threat of a recession.
Japan's benchmark Nikkei 225 rose nearly 1.7% to 33,738.80 in morning trading. Australia's S&P/ASX 200 added 0.5% to 7,239.80. South Korea's Kospi jumped 1.4% to 2,601.00. Hong Kong's Hang Seng surged 1.7% to 19,243.80, while the Shanghai Composite gained 1.3% to 3,243.24.
“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.
