Market optimism soared in Asian shares on Thursday, buoyed by a rally on Wall Street fueled by better-than-expected profit reports from major companies. The anticipation for Federal Reserve Chair Jerome Powell’s speech at the annual central bankers’ conference in Jackson Hole, Wyoming, on Friday also contributed to the positive sentiment in trading.
Japan’s Nikkei 225 rose by 0.7%, and Australia’s S&P/ASX 200 increased by 0.2%. South Korea’s Kospi also saw a 0.2% gain following the Bank of Korea’s decision to keep rates unchanged. However, Hong Kong’s Hang Seng climbed by 0.7%, while the Shanghai Composite fell by 0.3%.
On Wall Street, the S&P 500 rose by 0.4%, with the Dow Jones Industrial Average and the Nasdaq composite also posting gains. In the energy market, benchmark U.S. crude slightly fell to $71.83 a barrel, while Brent crude edged up to $76.07 a barrel.
Overall, the economic landscape remains mixed, with concerns about consumer spending, inflation, and job market cooling, influencing the markets. The U.S. dollar rose against the Japanese yen, while the euro saw a slight decline.
AP Business Writer Stan Choe contributed.
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