unemployment eased worries about the slowing economy.In Tokyo, the Nikkei 225 index was up 1.6% at 35,380.23. The yen again fell under pressure after three days of rising against the dollar, giving a lift to Japanese stocks that often rise when the yen falls.
China’s inflation came in higher than expected in July, with the consumer price index rising 0.5% compared to the same period a year earlier, boosted by food prices which are no longer dragging on inflation and were flat last month. Elsewhere, Taiwan’s Taiex gained 3.4%, with chip maker Taiwan Semiconductor Manufacturing Co. gaining 3.6%, tracking Big Tech stocks’ rally on Wall Street. The SET in Bangkok was up 0.5%.
So far, the S&P 500 is still down nearly 10% from its all-time high set last month. Such drops are regular occurrences on Wall Street, and “corrections” of 10% happen roughly every year or two. After Thursday’s jump, the index is within about 6% of its record. In the meantime, big U.S. companies continue to turn in profit reports for the spring that are mostly better than analysts expected.
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