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Asia’s share rises after technology-led rally on Wall Street | Work

Asian stocks rose on Friday after tech companies made the biggest profits on Wall Street since March.

Tokyo rose 1.8% and all major regional indices rose.

Taiwan stocks surged 2.4% following news that computer chip maker TSMC has improved its profit outlook.

TSMC, the world’s largest chip maker, rose 4.7%. The CEO confirmed reports that it plans to open a joint venture semiconductor manufacturing plant with Sony in western Japan.

The Nikkei 225 in Tokyo added 517.70 points to 29,068.63, and the Hang Seng Index rose 1.4% to 25,305.65. In Seoul, the Kospi rose 0.9% to 3,017.34.

The Shanghai Composite Index rose 0.5% to 3,576.45 and Australia’s S & P / ASX 500 rose 0.7% to 7,362.00.

On Thursday, the S & P 500 rose 1.7% to 4,438.26 as the market gained momentum from the day before it broke three days in a row.

The Dow Jones Industrial Average rose 1.6% to 34,912.56, and the technology-intensive Nasdaq rose 1.7% to 14,823.43.

SME stocks also recorded a rise. The Russell 2000 Index rose 1.4% to 2,274.18.

Market profits came as investors welcomed another batch of encouragement quarterly reports from some companies. All S & P 500 companies that have reported revenue so far this week have exceeded Wall Street’s forecasts.

Investors were also reviewing up-to-date data on employment and inflation in an attempt to assess economic health and future direction.

Labor said Number of Americans applying for unemployment benefits Last week it fell to the lowest level since the pandemic began. This is a positive sign for the job market, which is still trying to recover from the first blow from the pandemic 18 months ago. The surge in incidents during the summer hindered recovery.

Enterprises are still facing pressure from rising costs.Labor said Wholesale-level inflation rose 8.6% in September Compared to a year ago, the biggest progress since the 12-month change was first calculated in 2010.

The report was released the day after the government announced that consumer-level inflation in September rose 5.4% from a year ago, comparable to the highest rate since 2008.

The Ministry of Commerce reports Friday’s September retail sales, giving investors the latest information on how rising prices affect consumer spending.

Bond yields were stable. Yields on 10-year Treasuries rose from 1.53% late Thursday to 1.53%.

In another trade on Friday, US benchmark crude rose 68 cents to $ 81.99 a barrel in electronic trading on the New York Mercantile Exchange. It was $ 81.31 a barrel, up 87 cents on Thursday.

Brent crude, the international price standard, added 81 cents to $ 84.81 a barrel.

The US dollar rose from 113.67 yen late Thursday to 114.09 yen. The euro rose from $ 1.1596 to $ 1.1607.

Copyright 2021 AP communication. all rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

Asia’s share rises after technology-led rally on Wall Street | Work

Source link Asia’s share rises after technology-led rally on Wall Street | Work

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