Asian shares were mostly higher on Thursday after U.S. stocks rallied to records on hopes that inflation is heading back in the right direction.
In Asian trading, Tokyo’s Nikkei 225 index gained 1.4% to 38,920.26, even after the government reported that the Japanese economy contracted at a 2% annual rate in the January-March quarter. Stocks that tend to benefit the most from lower interest rates helped lead the market. Homebuilders gained on hopes that cuts by the Fed could lead to easier mortgage rates, with Lennar, D.R. Horton and PulteGroup all rallying more than 5%. Big Tech and other high-growth stocks also rode the wave of expectations for lower rates, and Nvidia’s gain of 3.6% was the strongest force pushing the S&P 500 upward.
On the losing end were GameStop and AMC Entertainment, as momentum reversed following their jaw-dropping starts to the week. GameStop fell 18.9%, though it’s still up 126.5% for the week so far. Slowing retail sales could be seen as a positive for markets, because it could reduce the upward pressure on inflation. But weaker U.S. consumer spending would erode one of the main pillars keeping the economy out of a recession. Pressure has grown particularly high on lower-income households.
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Stock market today: Asian shares advance after another round of Wall St recordsAsian shares are mostly higher after U.S. stocks rallied to records on hopes that inflation is heading back in the right direction. Tokyo gained 1.4% even after the government reported that the Japanese economy contracted at a 2% annual rate in the January-March quarter. On Wednesday, the S&P 500 jumped 1.
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Stock market today: Asian markets follow Wall Street higher ahead of key inflation updateAsian stocks have advanced after a rally on Wall Street took the Nasdaq composite to a record high.
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Stock market today: Asian markets follow Wall Street higher ahead of key inflation updateAsian stocks have advanced after a rally on Wall Street took the Nasdaq composite to a record high. U.S. futures and oil prices also gained. Markets in Hong Kong and Seoul were closed for holidays. Investors were reviewing a mixed report on inflation and awaiting an even more important update on consumer prices later Wednesday.
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Stock market today: Asian markets follow Wall Street higher ahead of key inflation updateAsian stocks have advanced after a rally on Wall Street took the Nasdaq composite to a record high.
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Stock market today: Asian shares mixed in muted trading after Wall Street barely budgesAsian shares are mixed in muted trading after U.S. stock indexes were little changed. Investors are waiting for updates on inflation. Chinese markets were flat ahead of an expected announcement by the Biden administration on raising tariffs on imports from China. On Monday, the S&P 500 edged less than 0.1% lower.
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Stock market today: Asian stocks drift after Wall Street closes another winning weekAsian stocks are mostly lower following the weekend release of weak China lending data.
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