Stock market today: Asian shares boosted by Wall Street rise on consumer confidence and jobs
Asian shares are trading higher, boosted by a Wall Street rally that came on positive reports on consumer confidence and job openings
TOKYO — Asian shares rose Wednesday, boosted by a Wall Street rally that came on positive reports on consumer confidence and job openings.
Japan's benchmark Nikkei 225 added 0.3% in afternoon trading to 32,312.75. South Korea's Kospi rose 0.4% to 2,563.37. Hong Kong's Hang Seng gained 0.5% to 18,574.12, while the Shanghai Composite inched up 0.1% to 3,139.28.
Australia's S&P/ASX 200 jumped 1.2% to 7,297.70, after the Australian Bureau of Statistics reported the monthly Consumer Price Index indicator rose 4.9% in the 12 months to July.
That was lower than the expected 5.2%, marking the first time since February 2022 that the indicator fell below 5%.
“But given that it is still a distance away from the RBA’s 2% to 3% target, the central bank may continue to maintain its hawkish-pause stance for some policy flexibility, although we are likely seeing the end of its tightening process,” said Yeap Jun Rong, market analyst at IG.
On Wall Street, the S&P 500 rose 1.5% to 4,497.63, its third-straight gain and its biggest since early June. The Dow Jones Industrial Average rose 0.8% to 34,852.67, and the Nasdaq composite finished 1.7% higher, at 13,943.76.
Big tech stocks powered much of the rally Tuesday. Apple rose 2.2% and Nvidia climbed 4.2%. Advancers outnumbered decliners by 4 to 1 on the New York Stock Exchange. Bond yields fell broadly. Markets in Europe and Asia also rose.
The latest gains came as investors reviewed reports on consumer confidence and the labor market. The Conference Board, a business research group, reported that consumer confidence tumbled in August, surprising
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