Stock market today: Asian stocks track Wall Street gains ahead of central bank meetings

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Asian stocks started the week with gains ahead of central bank policy meetings in the United States and Japan, after a broad rally on Wall Street that capped a tumultuous week. Japan's Nikkei 225 index jumped 2.1%. U.S. futures and oil prices rose. On Friday, the S&P 500 rose 1.1% for its best day in seven weeks.

A currency trader passes by the screen showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, July 29, 2024. Currency traders watch monitors near the screen showing the Korea Composite Stock Price Index , top left, and the foreign exchange rate between U.S.

“In a monumental week for macro watchers, everyone is hoping for calm while bracing for the inevitable storm of volatility,” Stephen Innes of SPI Asset Management said in a commentary. Hong Kong’s Hang Seng added 1.6% to 17,287.28 and the Shanghai Composite index rose 0.4% to 2,893.08 after official data on Saturday showed that industrial profits rose 3.5% in the first half of 2024 compared with last year. That was a glimmer of positive news following recent interest rate cuts and other piecemeal stimulus that followed a top-level policy meeting of the ruling Communist Party earlier this month.

 

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