Asian shares are mostly rising, encouraged by a record rally on Wall Street. Benchmarks gained Wednesday in Sydney, Seoul and Hong Kong. Tokyo's Nikkei 225 lost morning gains to slip in afternoon trading. Also on investors' minds is the Japanese yen's rise against the U.S.
FILE - A person looks at an electronic stock board showing Japan’s stock prices at a securities firm Friday, March 1, 2024, in Tokyo. Asian shares mostly rose Wednesday, March 13, encouraged by a record rally on Wall Street that was led by technology companies. TOKYO — Asian shares mostly rose Wednesday, encouraged by a record rally on Wall Street that was led by technology companies.
“The yen has been a notable gainer verses the greenback, with attention focused on the upcoming spring wage negotiations known as ‘shunto,’ as the outcome of this could impact the Bank of Japan’s preference for when to end their policy of negative interest rates,” said Tim Waterer, chief market analyst at KCM Trade.
On Wall Street, the S&P 500 jumped 1.1% to top its all-time high set last week. The Dow Jones Industrial Average climbed 235 points, or 0.6%, and the Nasdaq composite jumped 1.5%.Stock market today: Asian shares are mostly higher ahead of a US report on inflationreport on inflation The fear is “sticky” inflation that refuses to go down will force the Fed to keep interest rates high, which grinds down on the economy and investment prices. The Fed’s main interest rate is already at its highest level since 2001.
Through it all, the Fed has remained “nothing if not consistent in doing what it said it would do,” Larkin said. “Until they say otherwise, their plan is to cut rates in the second half of the year.” The price of gold, which has shot to records on expectations for coming rate cuts, also swung. An ounce for delivery in April ended up falling $22.50 to settle at $2,166.10.
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