Stock market today: Asian shares rally, encouraged by Wall Street storming back from an early slide

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Asian shares are mostly higher, encouraged by gains on Wall Street led by a handful of influential Big Tech companies.

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Japan’s benchmark Nikkei 225 soared in early trading, adding 2.8% to 36,605.62, although the sharp gains were partly a reflection of earlier sharp drops.The cheap yen was a boon for some issues, as it boosts the value of overseas earnings when converted into yen.In currency trading, the U.S. dollar rose to 142.53 Japanese yen from 142.28. The euro cost $1.1016, inching down from $1.1017.

In the rest of the region, Australia’s S&P/ASX 200 rose 0.7% to 8,041.10. Hong Kong’s Hang Seng jumped 1.0% to 17,283.46, while the Shanghai Composite was little changed at 2,720.40. The data seemed to confirm the U.S. Federal Reserve will likely cut its main interest rate at its meeting next week, which would be the first such cut in more than four years. A worry is that it may prove too late, with U.S. shoppers already struggling under the weight of high prices.

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