{"id":35089,"date":"2023-07-13T09:04:47","date_gmt":"2023-07-13T13:04:47","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/asian-markets-jump-as-wall-street-returns-to-its-highest-level-in-over-a-year\/"},"modified":"2023-07-13T09:04:49","modified_gmt":"2023-07-13T13:04:49","slug":"asian-markets-jump-as-wall-street-returns-to-its-highest-level-in-over-a-year","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35089","title":{"rendered":"Asian markets jump as Wall Street returns to its highest level in over a year"},"content":{"rendered":"
\n

TOKYO \u2014 Asian shares rose Thursday, boosted by Wall Street\u2019s return to its highest level in more than a year after a report showed U.S. consumer\u00a0inflation cooled a bit more than expected\u00a0last month.<\/p>\n

Japan\u2019s benchmark Nikkei 225
\n NIK,
\n +1.49%<\/bg-quote>
\n rose 1.3% in morning trading. Australia\u2019s S&P\/ASX 200
\n XJO,
\n +1.56%<\/bg-quote>
\n added 1.4% and South Korea\u2019s Kospi
\n 180721,
\n +0.64%<\/bg-quote>
\n jumped nearly 1.0%. Hong Kong\u2019s Hang Seng
\n HSI,
\n +2.60%<\/bg-quote>
\n surged 2.4%, while the Shanghai Composite
\n SHCOMP,
\n +1.26%<\/bg-quote>
\n gained 0.8%. Benchmark indexes in Singapore
\n STI,
\n +1.99%<\/bg-quote>,<\/span>
\n Taiwan
\n Y9999,
\n +0.59%<\/bg-quote>
\n and Indonesia
\n JAKIDX,
\n +0.03%<\/bg-quote>
\n gained.<\/p>\n

\n

Investors were watching for China\u2019s monthly trade data to see how the world\u2019s largest economy is faring after the end of pandemic controls late last year.<\/p>\n

On Wall Street, the S&P 500
\n SPX,
\n +0.74%<\/bg-quote>
\n rose 0.7% to 4,472.16 to reach its strongest closing level since April 2022. The Dow Jones Industrial Average
\n DJIA,
\n +0.25%<\/bg-quote>
\n rose 0.3% to 34,347.43, and the Nasdaq composite
\n COMP,
\n +1.15%<\/bg-quote>
\n gained 1.2% to 13,918.96.<\/p>\n

Most stocks rose, from flashy Big Tech behemoths to staid utility companies, though the gains faded a bit as the day progressed.<\/p>\n

The U.S. government\u2019s latest update on inflation showed that consumers paid prices for gasoline, food and other items that were 3% higher overall in June than a year earlier. That\u2019s down from 4% inflation in May and a bit more than 9% last summer. Perhaps more importantly, it was\u00a0a touch lower\u00a0than economists expected.<\/p>\n

High inflation has been at the center of Wall Street\u2019s problems because it\u2019s driven the Federal Reserve to jack up interest rates at a blistering pace. Higher rates undercut inflation by slowing the entire economy and hurting investment prices, and they\u2019ve already caused damage to the banking, manufacturing and other industries.<\/p>\n

Traders remain nearly convinced the Fed will raise the federal funds rate at its meeting in two weeks to a range of 5.25% to 5.50%, which would be its highest level since 2001. But expectations are also climbing for that to be the final increase after rates started last year at virtually zero.<\/p>\n

\u201cThey\u2019ll probably still pull the trigger on a hike, but it will be based on symbolism more than substance,\u201d said Brian Jacobsen, chief economist at Annex Wealth Management. He pointed to another report earlier this month that showed a slowdown in U.S. jobs growth, which could also take some pressure off inflation.<\/p>\n

Treasury yields tumbled in the bond market after the cooler inflation data pushed traders to trim bets for Fed action later this year.<\/p>\n

The 10-year Treasury yield fell to 3.86% from 3.98% late Tuesday. It helps set rates for mortgages and other important loans.<\/p>\n

The two-year Treasury yield dropped to 4.73% from 4.89%. It tends to follow expectations for the Fed more closely.<\/p>\n

In energy trading, benchmark U.S. crude
\n CLQ23,
\n -0.20%<\/bg-quote>
\n rose 20 cents to $75.95 a barrel. Brent crude
\n BRNU23,
\n -0.09%<\/bg-quote>,<\/span>
\n the international standard, gained 24 cents to $80.35 a barrel.<\/p>\n

In currency trading, the U.S. dollar
\n USDJPY,
\n +0.03%<\/bg-quote>
\n edged up to 138.51 Japanese yen from 138.41 yen. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TOKYO \u2014 Asian shares rose Thursday, boosted by Wall Street\u2019s return to its highest level in more than a year after a report showed U.S. consumer\u00a0inflation cooled a bit more than expected\u00a0last month. Japan\u2019s benchmark Nikkei 225 NIK, +1.49% rose 1.3% in morning trading. Australia\u2019s S&P\/ASX 200 XJO, +1.56% added 1.4% and South Korea\u2019s Kospi […]<\/p>\n","protected":false},"author":1,"featured_media":35090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-35089","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nAsian markets jump as Wall Street returns to its highest level in over a year | iFintechWorld<\/title>\n<meta name=\"description\" content=\"TOKYO \u2014 Asian shares rose Thursday, boosted by Wall Street\u2019s return to its highest level in more than a year after a report showed U.S. consumer\u00a0inflation\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=35089\" 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