Bord Foren

logo-news

Stock market today: Asian markets advance after Wall Street logs its best week in nearly a year

HONG KONG (AP) — Asian shares advanced Monday following Wall Street gains last week that were buoyed by hopes for early interest rate cuts.

U.S. futures were higher and oil prices gained as the Israeli military announced late Sunday that it had encircled Gaza City and cut the besieged coastal strip in two, fueling investors’ fears of a deepening conflict.

South Korean stocks surged 4.2% to 2,469.21, after the government restored a ban on short-selling, aiming to prevent illegal use of the trading tactic that is often used by hedge funds and investors. Short-selling refers to selling borrowed shares to profit from price declines.

Japan’s Nikkei 225 index gained 2.4% to 32,720.52.

Other news
FILE - People walk past the New York Stock Exchange on Wednesday, June 29, 2022 in New York. Wall Street’s best week of the year is getting even better Friday, Nov. 3, 2023, following a cooler-than-expected report on the job market. (AP Photo/Julia Nikhinson)Stock market today: Wall Street closes its best week of the year with even more gainsA currency trader passes by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Nov. 3, 2023. (AP Photo/Ahn Young-joon)Stock market today: Asian shares follow Wall St higher on hopes for an end to Fed rate hikesA currency trader passes by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Nov. 2, 2023. Asian shares were mostly higher Thursday after the U.S. Federal Reserve indicated it may not need to pump the brakes any harder on Wall Street and the economy. (AP Photo/Ahn Young-joon)Stock market today: Asian shares surge on hopes the Federal Reserve’s rate hikes are done

However, the country’s services activity in October expanded at its slowest pace this year, raising concerns about weakness in a key sector driving Japanese economic activity.

The Hang Seng in Hong Kong added 1.7% to 17,962.64 and the Shanghai Composite index was up 0.9% at 3,057.50. Australia’s S&P/ASX 200 rose 0.4% to 7,004.50. India’s Sensex was 0.6% higher and Bangkok’s SET gained 0.3%.

Wall Street steamrolled higher Friday as it closed out its best week in nearly a year.

The S&P 500 climbed 0.9%, to 4,358.34. It rose every day last week. The Dow Jones Industrial Average gained 0.7% to 34,061.32, and the Nasdaq composite jumped 1.4% to 13,478.28.

READ:   Former Dollar General CEO Vasos is back and Wall Street cheers. Shares of discount chain up sharply

Stocks surged on rising hopes the Federal Reserve is finally done with its market-crunching hikes to interest rates, meant to get inflation under control. A report on Friday underscored that pressure is easing on inflation after it showed employers hired fewer workers last month than economists expected.

Strong profit reports helped drive some stocks to towering gains. Generac, a maker of backup generators, soared nearly 28% for its best week since its stock began trading in 2010. At Expedia Group, another stronger-than-forecast report sent its stock nearly 22% higher for its best week since the market was surging out of the early 2020 coronavirus crash.

Stock have struggled under the weight of rapidly rising Treasury yields. Those yields were in turn catching up to the Fed’s main interest rate, which is above 5.25% and at its highest level since 2001.

Higher rates and yields slow the economy, hurt prices for investments and raise the risk of something breaking within the financial system.

In the bond market, Treasury yields tumbled just after the jobs report, releasing more of the pressure that had built up on Wall Street. The yield on the 10-year Treasury eased to 4.58% early Monday from its highest level since 2007, at more than 5%, two weeks earlier.

A separate report on Friday said growth in U.S. services industries, such as finance and construction, was weaker last month than economists expected.

Despite reporting stronger-than-expected profits, Apple, the most influential stock on Wall Street, fell 0.5%. Analysts said investors were likely disappointed with Apple’s forecast for revenue for the last three months of 2023.

READ:   Netanyahu tells Israel ‘We are at war’ after Hamas launches an unprecedented attack on the country

A barrel of benchmark U.S. oil rose 45 cents to $80.96 in electronic trading on the New York Mercantile Exchange. It fell $1.95 to $80.51 per barrel Friday. Brent crude, the international standard, gained 39 cents to $85.28 per barrel.

In currency trading, the U.S. dollar rose to 149.58 Japanese yen from 149.37 yen. The euro cost $1.0739, up from $1.0728.