BEIJING — Asian stock markets followed Wall Street higher Tuesday as inflation fears eased and investors regained an appetite for risk.Overnight, Wall Street’s benchmark S&P 500 index rose 1%, recovering about half of last week’s losses. Gains were led by tech stocks.
The Shanghai Composite Index SHCOMP, +2.05% rose 1.6%, while the Nikkei 225 NIK, +0.57% in Tokyo gained 0.5% to 28,534.27. The Hang Seng HSI, +1.48% in Hong Kong advanced 1.3%. On Monday, the president of the St. Louis Federal Reserve Bank, James Bullard, told Yahoo Finance more inflation was “not really a surprise” and it wasn’t time to rethink monetary policy.
The S&P 500 SPX, +0.99% rose to 4,197.05. The index is now on track for a 0.4% monthly gain as the latest quarterly profit-reporting season nears an end. Companies that rely on direct consumer spending made solid gains, while sectors that are viewed as safe havens such as utilities lagged.
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