Asian stocks rose on Thursday, taking cues from a strong rally on Wall Street after robust economic data and upbeat corporate guidance boosted investor appetite.
Japan’s Nikkei rose 0.58%, while Chinese blue chips added 0.55% and Hong Kong’s Hang Seng jumped 1.24%, with an index of its tech stocks surging 2.29%.US S&P 500 futures were about flat, after the underlying index jumped 1.56% overnight and the tech-heavy Nasdaq surged 2.73% to a three-month peak. However, one — San Francisco Fed president Mary Daly — said in an interview with Reuters that a half-point hike may be what’s needed at the next meeting in September, rather than another 75-basis-point rise.
“That message hasn’t properly percolated through to the equity market, which is looking at what has been a reasonably strong set of earnings numbers and some fairly decent economic data and going, ‘this is brilliant’, instead of doing what they should be doing and saying ‘this is quite concerning’.”
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