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  • Writer's pictureBy The Financial District

Asian Shares Up As Wall Street Stocks Gain

Shares climbed in Asia on Tuesday, Feb. 28, 2023, after Wall Street benchmarks clawed back some losses from their worst week since early December, Elaine Kurtenbach reported for the Associated Press (AP).

Photo Insert: Unusual macroeconomic patterns continue to be prevalent despite the pandemic being over.

“As we move into ‘Turnaround Tuesday,’ investors are debating whether January’s inflation reflation was just another temporary bump in the road as the economy adjusts to a post-pandemic world,” Stephen Innes of SPI Asset Management said in a report.

“The post-pandemic era continues to deliver unusual macroeconomic patterns.”

Tokyo’s Nikkei 225 index added 0.2% to 27,487.85 and the Kospi in Seoul advanced 0.9% to 2,424.89. In Hong Kong, the Hang Seng gained 0.4% to 20,030.25 while the Shanghai Composite index edged 0.1% higher to 3,260.40. Australia’s S&P/ASX 200 rose 0.5% to 7,261.20.

On Monday, the S&P 500 rose 0.3% to 3,982.24 for just its second gain in the last seven days. The Dow Jones Industrial Average gained 0.2%, to 32,889.09, while the Nasdaq composite climbed 0.6% to 11,466.98.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

In other trading Tuesday, US benchmark crude oil gained 24 cents to $75.91 per barrel in electronic trading on the New York Mercantile Exchange. It shed 64 cents to $75.68 on Monday. Brent crude, the pricing basis for international trading, picked up 17 cents to $82.21 per barrel.

The US dollar rose to 136.29 Japanese yen from 136.20 yen. The euro slipped to $1.0593 from $1.0609, Stan Choe also reported for AP.

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