Asian stocks advance after Wall Street hits new record

Jul 11, 2021, 8:52 PM | Updated: 10:05 pm
A currency trader watches computer monitors at the foreign exchange dealing room in Seoul, South Ko...

A currency trader watches computer monitors at the foreign exchange dealing room in Seoul, South Korea, Monday, July 12, 2021. Asian stock markets rose Monday after Wall Street hit a high despite jitters about the spread of the coronavirus's delta variant as investors looked ahead to U.S. earnings reports. (AP Photo/Lee Jin-man)

(AP Photo/Lee Jin-man)

BEIJING (AP) — Asian stock markets rose Monday after Wall Street hit a high despite jitters about the spread of the coronavirus’s delta variant as investors looked ahead to U.S. earnings reports.

Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced.

On Friday, Wall Street’s benchmark S&P 500 index ended up 0.4% for the week.

“Wall Street shrugged off ‘delta variant’ concerns,” said Mizuho Bank in a report. “Futures suggest that the optimism will spill over into Asia’s equity trading session.”

The Shanghai Composite Index rose 1% to 3,558.13 after the Chinese central bank on Friday reduced the level of reserves commercial banks must hold, freeing up money for lending. That came after forecasters saw signs China’s economic rebound might be weakening.

The Nikkei 225 in Tokyo surged 2.3% to 28,580.78 and the Hang Seng in Hong Kong gained 0.5% to 27,482.85.

The Kospi in Seoul advanced 1% to 3,247.13 and Sydney’s S&P-ASX 200 rose 0.7% to 7,326.30. New Zealand and Southeast Asian markets also advanced.

On Friday, the S&P 500 index rose 1.1% to a record 4,369.55, rebounding from the previous day’s loss.

About 90% of the stocks in the S&P 500 closed higher. Banks, technology companies and industrial stocks powered much of the rally.

The Dow Jones Industrial Average gained 1.3% to a record 34,870.1. The Nasdaq composite added 1% to 14,701.92.

Investors have swung between optimism about economic recovery and unease about the spread of the highly contagious delta variant.

Over the weekend, the president of the European Central Bank, Christine Lagarde, told investors to prepare for new guidance on monetary policy after the bank’s July 22 meeting. But she gave no indication whether the bank would start winding down stimulus.

The Federal Reserve jolted investors earlier by moving up the possible start of interest rate hikes to late 2023 from the following year. It said its board members have started to discuss when and how to wind down bond purchases that inject money into capital markets.

This week, U.S. banks are due to report earnings as major companies start announcing quarterly results. Analysts expect another strong quarter for Wall Street, due to the improving economy and fewer Americans defaulting on loans.

Benchmark U.S. crude lost 1 cent to $74.55 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.62 on Friday to $74.56. Brent crude, used to price international oils, shed 3 cents to $75.52. It advanced $1.43 the previous session to $75.55.

The dollar held steady at 110.17 yen. The euro declined to $1.1872 from $1.1875.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Associated Press

How major US stock indexes fared Wednesday 8/10/2022

Stocks are closing at three-month highs on Wall Street as investors cheered a report showing inflation cooled more than expected in July. The S&P 500 jumped 2.1% Wednesday on expectations that slower inflation will mean the Federal Reserve won’t hike interest rates as much as feared. Technology stocks, cryptocurrencies and other investments among the year’s […]
14 hours ago
FILE - A motorist fills up the tank on a sedan, on July 22, 2022, in Saratoga, Wyo. Falling gas pri...
Associated Press

EXPLAINER: Mixed US inflation signs. Where are prices going?

WASHINGTON (AP) — Consumers struggling with skyrocketing prices for food, gas, autos and rent got a tantalizing hint of relief last month, when prices didn’t budge at all from June after 25 straight months of increases. With gas prices continuing to fall, inflation is probably slowing further this month. So has the worst bout of […]
14 hours ago
Associated Press

Axon, Trade Desk rise; Alcon, Rackspace fall

NEW YORK (AP) — Stocks that traded heavily or had substantial price changes Wednesday: Alcon Inc., down $3.53 to $71.94. The eye care company trimmed its profit and revenue forecasts for the year. Trade Desk Inc., up $19.74 to $74.24. The digital-advertising platform operator gave investors an encouraging revenue forecast. Akamai Technologies Inc., up 91 […]
14 hours ago
Associated Press

Iowa motorist accused of hitting abortion rights protester

CEDAR RAPIDS, Iowa (AP) — An Iowa man faces two criminal charges accusing him of driving his vehicle through a group of abortion rights protestors in Cedar Rapids in June and striking a woman before driving away, court documents posted online Wednesday said. David Alan Huston, 53, of Swisher, is charged with assault with a […]
14 hours ago
Associated Press

Fencing organization, coach sued over alleged sex abuse

NASHVILLE, Tenn. (AP) — A federal lawsuit says USA Fencing, the national governing body for the sport, failed to protect a Tennessee teenager from sexual abuse over a two-year period. The girl and her parents filed suit last month against the Colorado-based organization as well as her former coach, Robert Piraino, and the Nashville business […]
14 hours ago
Follow @ktar923...
Sponsored Content by Day & Night Air Conditioning, Heating and Plumbing

Here are 4 signs the HVAC unit needs to be replaced

Pool renovations and kitchen upgrades may seem enticing, but at the forefront of these investments arguably should be what residents use the most. In a state where summertime is sweltering, access to a functioning HVAC unit can be critical.

Sponsored Articles

...
Day & Night Air Conditioning, Heating and Plumbing

Here are 4 signs the HVAC unit needs to be replaced

Pool renovations and kitchen upgrades may seem enticing, but at the forefront of these investments arguably should be what residents use the most. In a state where summertime is sweltering, access to a functioning HVAC unit can be critical.
...
Day & Night Air Conditioning, Heating and Plumbing

Ways to prevent clogged drains and what to do if you’re too late

While there are a variety of ways to prevent clogged drains, it's equally as important to know what to do when you're already too late.
...
Carla Berg, MHS, Deputy Director, Public Health Services, Arizona Department of Health Services

Update your child’s vaccines before kindergarten

So, your little one starts kindergarten soon. How exciting! You still have a few months before the school year starts, so now’s the time to make sure students-to-be have the vaccines needed to stay safe as they head into a new chapter of life.
Asian stocks advance after Wall Street hits new record