Asian Shares Rise on Wall Street Record Rally
Asian shares mostly rose on Wednesday, following a record rally on Wall Street led by technology companies. Japan’s benchmark Nikkei 225 added 0.3%, Australia’s S&P/ASX 200 rose 0.3%, and South Korea’s Kospi gained 0.5%.
Speculation is rife that Japan’s central bank is preparing to end its super-easy monetary policy and start raising interest rates. The U.S. dollar slipped to 147.30 Japanese yen, while the euro remained unchanged at $1.0930.
On Wall Street, the S&P 500 jumped 1.1% to surpass its all-time high, with the Dow Jones Industrial Average climbing 0.6% and the Nasdaq composite rising 1.5%. The market initially saw losses after a report on inflation showed prices slightly higher than expected, but hopes for interest rate cuts in June remained.
Traders are closely watching the Federal Reserve’s next moves, with expectations of rate cuts in the second half of the year. Big technology stocks like Oracle and Nvidia saw significant gains, pushing the S&P 500 upward.
In energy trading, benchmark U.S. crude added 38 cents to $77.94 a barrel, while Brent crude rose 37 cents to $82.29 a barrel. The market remains uncertain following the inflation data, with Treasury yields and gold prices swinging.
Overall, the market is cautiously optimistic as traders wait for further guidance from the Federal Reserve. The immediate reaction to the inflation data was uncertain, but the longer-term trend remains positive for investors.
