Stock market today: Asian shares mostly higher after Wall Street hits 2023 peak
Asian shares are mostly higher after Wall Street reached a 20-month high ahead of a week that includes essential U.S. inflation data and a final rate decision of the year by the Federal Reserve
Asian shares mostly gained on Monday after Wall Street reached a 20-month high ahead of a week that includes essential U.S. inflation data and the Federal Reserve's final rate decision of the year.
U.S. futures were higher and oil prices rose to recover some of their sharp losses in recent weeks.
Hong Kong’s Hang Seng sank 0.8% to 16,208.21 and the Shanghai Composite added 0.7% to 2,990.35.
In China, leaders agreed at an annual planning meeting last week to boost spending to accelerate the world’s second-largest economy, though details of policy changes were not provided.
Despite the Chinese economy expanding by around 5% this year, in line with government targets, the recovery following the lifting of strict COVID-19 restrictions was short-lived, and a slowdown is expected next year. Data released on Saturday showed China’s consumer prices in November experienced their steepest fall in three years, in another sigh of weakness.
Tokyo’s Nikkei 225 index gained 1.5% to 32,791.80 and the Kospi in Seoul was 0.3% higher, to 2,525.01. Australia’s S&P/ASX 200 was virtually unchanged.
India’s Sensex was 0.1% higher and Bangkok’s SET added 0.2%.
On Friday, the S&P 500 climbed to its best level in 20 months following a stronger-than-expected report on the U.S. job market. It rose 0.4% to 4,604.37, enough to clinch a sixth straight winning week for the index.
That's its longest such streak in four years. Wall Street’s main measure of health is now just 4% below its record set at the start of last year.
The Dow Jones Industrial Average
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