Asian Shares Rise After Wall Street Rallies

Asian shares mostly rose Thursday, Aug. 24, 2023, after Wall Street rallied to its best day since June after pressures from the bond market relaxed a bit, Yuri Kageyama and Stan Choe reported for the Associated Press (AP).

Photo Insert: Japan’s benchmark Nikkei 225 gained 0.4% in morning trading to 32,146.33. I Photo: Joshua Hanlon Facebook

Japan’s benchmark Nikkei 225 gained 0.4% in morning trading to 32,146.33. Australia’s S&P/ASX 200 added 0.4% to 7,178.10. South Korea’s Kospi jumped 1.0% to 2,531.45.

Hong Kong’s Hang Seng surged 1.1% to 18,041.53, while the Shanghai Composite slid 0.1% to 3,074.78. A major event of the week for markets is a speech later in the day by US Federal Reserve Chair Jerome Powell.

He is speaking at a Jackson Hole, Wyoming, event that’s been the setting for major policy announcements by the Fed in the past.

“Shares in Asia appear set to make gains, taking cues from the positive momentum in US markets,” said Stephen Innes, managing partner at SPI Asset Management.

On Wall Street, the S&P 500 climbed 1.1% to trim its loss for what’s been a dismal August so far. The Dow Jones Industrial Average rose 184 points, or 0.5%, and the Nasdaq composite jumped 1.6%.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic