Asian shares showed gains on Tuesday after a positive day on Wall Street helped recover some of the losses incurred during the market’s toughest week in almost 18 months. Japan’s Nikkei 225 rose by around 0.5% to 36,384.73, Australia’s S&P/ASX 200 climbed 0.6% to 8,033.10, and South Korea’s Kospi edged up by nearly 0.1% to 2,537.85. Hong Kong’s Hang Seng added 0.3% to 17,248.58, while the Shanghai Composite fell 0.5% to 2,722.01.
Investors are anticipating the release of the latest monthly data on inflation at the consumer and wholesale levels later in the week. The U.S. Federal Reserve has been using high-interest rates to curb inflation and is expected to begin reducing rates in September to support the economy, focusing on preserving jobs and preventing a recession.
On Wall Street, the S&P 500 surged 1.2% to 5,471.05, the Dow Jones Industrial Average rose 1.2% to 40,829.59, and the Nasdaq composite gained 1.2% to 16,884.60. Boeing saw a 3.4% increase following a tentative agreement with its largest union on a new contract, avoiding a potential strike that could have halted aircraft production. Nvidia and other major tech companies also rebounded, with Nvidia climbing 3.5%, leading the market higher.
Apple’s stock remained stable after unveiling its latest iPhone, the 16, tailored for artificial intelligence enhancements, particularly for the virtual assistant Siri. In the bond market, the 10-year Treasury yield retreated to 3.71% from 3.72%. Meanwhile, benchmark U.S. crude dropped 15 cents to $68.56 a barrel, and Brent crude, the global standard, decreased by 8 cents to $71.76 a barrel.
Currency trading saw the U.S. dollar rise marginally to 143.20 Japanese yen from 143.15 yen, with the euro holding steady at $1.1041 compared to $1.1040.
