Asian Shares Mostly Higher Following Wall Street Gains
Asian Shares Mostly Higher After Wall Street Advance
BANGKOK (AP) — Shares advanced in most Asian markets on Tuesday after a rally on Wall Street spurred by a better-than-expected profit report from a major retailer.
Tokyo’s Nikkei 225 index jumped 0.9% to 32,482.70 and the Hang Seng in Hong Kong climbed 1.1% to 19,650.16. The Kospi in Seoul added 0.6% to 2,615.41, while the Shanghai Composite index shed 0.1% to 3,254.91. Australia’s S&P/ASX 200 advanced 0.5% to 7,315.50.
Shares fell in Taiwan and Southeast Asia. Markets in India and other parts of the region were closed.
On Monday, the S&P 500 rose 0.6% to 4,515.77. The Dow Jones Industrial Average gained 0.5% to 35,411.24 and the Nasdaq composite climbed 0.8% to 14,034.97.
Better-than-expected results and an improved outlook from Lowe’s boosted investors’ confidence in the strength of the retail sector and the overall economy. The home improvement retailer jumped 10.7% and was the biggest gainer in the S&P 500.
The market has generally been anticipating a slowing of economic growth later this year or in early 2024, even if the Federal Reserve decides against additional interest rate hikes. The central bank has already raised its benchmark rate to the highest level in more than two decades to squelch inflation.
Investors are looking ahead to more company earnings reports and economic data due out this week that could influence trading.
In energy trading, benchmark U.S. crude oil rose 5 cents to $76.61 per barrel. It gained 12 cents to $76.56 a barrel on Monday. Brent crude, the international standard, lost 15 cents to $80.84 per barrel.
In currency trading, the U.S. dollar declined to 141.49 Japanese yen from 141.65 yen. The euro rose to $1.1041 from $1.1034.
