Asian Shares Advance, Shun Wall Street Retreat

Shares have advanced in Asia despite a retreat on Wall Street. Hong Kong jumped more than 3% and most other major indexes saw strong gains, Elaine Kurtenbach reported for the Associated Press (AP).

Photo Insert: The Shanghai Composite index was up 1.1% at 2,926.46.

A private survey of manufacturers showed some improvement in the business outlook in China, helping to counter renewed concerns over COVID-19 outbreaks in some cities. Investors also were snapping up bargains after recent losses.

The Hang Seng in Hong Kong gained 454 points to 15,141.96, while the Shanghai Composite index was up 1.1% at 2,926.46. Tokyo’s Nikkei 225 edged 0.2% higher, to 27,646.34, while the Kospi in Seoul jumped 1.4% to 2,326.57.

The S&P/ASX 200 rose 1% to 6,931.00. Markets in New Zealand and Southeast Asia were mostly lower.

On Monday, the S&P 500, the benchmark for many index funds, notched an 8% gain for the month, its first monthly gain since July. But it closed 0.7% lower for the day, at 3,871.98. It is now down 18.8% for the year.

The Nasdaq composite rose 3.9% in October, also marking its first monthly gain in three months. On Monday it shed 1% to 10,988.15. The Dow Jones Industrial Average, which rose 14% in the month, lost 0.4% to 32,732.95.

The Dow tracks just 30 blue chip companies, far fewer than other indexes, and can have bigger swings than broader indicators like the S&P 500. The Russell 2000 index of smaller company stocks was little changed at 1,846.86, Damian J. Troise and Alex Veiga also reported for AP.

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