Asian shares rise after Wall Street rally on US inflation data
9 reported
Asian shares mostly rose Wednesday, tracking a rally on Wall Street after a report showed U.S. inflation was not as bad last month as economists expected. South Korea’s Kospi surged 6.2% as semiconductor stocks rebounded, while Japan’s Nikkei 225 rose 1.3%. Australia’s S&P/ASX 200 and Hong Kong’s Hang Seng also gained, but the Shanghai Composite lost 0.2% after China reported its economy expanded at a 4.3% annualized pace in April-June, slowing from 5% in the first quarter. Stock gains were moderate given worries that the United States and Iran may return to an all-out war, pushing oil prices higher. On Wall Street, the S&P 500 added 0.4%, the Dow Jones Industrial Average added less than 0.1%, and the Nasdaq composite climbed 0.9%. The yield on the 10-year Treasury dropped to 4.58% from 4.62% late Monday, halting its run higher from 3.97% before the war with Iran began.
What’s reported
Asian shares mostly rose Wednesday, tracking a Wall Street rally after a U.S. inflation report showed inflation was not as bad as economists expected.
South Korea’s Kospi surged 6.2% to 7,284.41, with SK Hynix up 9.4% and Samsung Electronics up 6.1%.
Japan’s Nikkei 225 rose 1.3% to 68,613.89; Australia’s S&P/ASX 200 rose 0.4% to 8,841.10; Hong Kong’s Hang Seng edged up 1.5% to 24,701.10.
The Shanghai Composite lost 0.2% to 3,957.79 after China reported the economy expanded at a 4.3% annualized pace in April-June, slowing from 5% in Q1.
On Wall Street, the S&P 500 added 0.4% to 7,543.59; Dow Jones added less than 0.1% to 52,508.27; Nasdaq climbed 0.9% to 26,107.01.
U.S. consumers paid prices 3.5% higher last month than a year earlier for gasoline, food, and other costs.
Traders saw less than a 17% chance the Fed will raise its main interest rate at its next meeting.
The yield on the 10-year Treasury dropped to 4.58% from 4.62% late Monday, halting its run from 3.97% before the war with Iran began.
Benchmark U.S. crude rose 30 cents to $79.64 a barrel; Brent crude gained 62 cents to $85.35 a barrel.
Key figures
Tim Waterer, chief market analyst at KCM Trade
Yuri Kageyama, author of the article
Sources: abcnews.com
