Asian shares rise on optimism on economic data and earnings | Yuri Kageyama / AP Business Writer

TOKYO—Asian shares mostly rose Thursday as investors welcomed encouraging economic data and quarterly earnings reports from big companies.

“Despite the easing in immediate concerns, investors will be looking out for any potential escalation in US-China tensions, with any economic sanctions from China likely to negatively affect risk sentiment and positioning in Asian markets,” said Anderson Alves of ActivTrades. On Wall Street, the S&P 500 rose to 4,155.17, an almost 2-month high. The Nasdaq gained 2.6 percent to 12,668.16. Both indexes more than recouped losses earlier in the week. The Dow Jones Industrial Average rose 1.3 percent to 32,812.50. The Russell 2000 index of smaller companies ended 1.4 percent higher, at 1,908.93.

Some weak recent data on the economy heightened speculation that the peak for inflation and for the Federal Reserve’s aggressive rate hikes may be approaching or has already passed. The weak data, though, also shows the risk of a recession as the Fed puts the brake on the economy.“That just provides people with more evidence that this economy is hanging in there,” said Jeff Buchbinder, equity strategist for LPL Financial.

PayPal jumped 9.2 percent on a report that activist investor Elliott Management has taken a large stake in the payment company.

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