---
title: "What happened overnight – Friday 16th August 2024"
publisher: "Share Talk"
author: "sharetalk"
published: "2024-08-16T06:42:14+00:00"
modified: "2024-08-16T06:42:14+00:00"
date: 2024-08-16
canonical: "https://www.share-talk.com/what-happened-overnight-friday-16th-august-2024/"
category: "B2B"
categories: ["B2B", "Blogs", "Business & Support Services", "Technology", "Technology, Media & Telecoms"]
tags: ["Asian", "Australia", "china", "Dow Jones Industrial Average", "factory data", "Hang Seng", "Hong kong", "Jakarta", "Japan", "Jerome Powell", "Korean", "Manila", "markets", "NASDAQ", "Nasdaq Composite index", "Nikkei 225 index", "S&P 500", "Seoul", "shanghai", "Singapore", "South Korea", "Stock Markets", "Sydney", "Taipei", "Taiwan", "Tokyo", "US Federal Reserve", "US stocks", "US Treasury bonds", "Wall Street", "Wellington"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/08/WORLD-750x406-1.webp?fit=750%2C406&quality=80&ssl=1"
format: "news"
language: "en-GB"
---

# What happened overnight – Friday 16th August 2024

**Published:** August 16, 2024
**Author:** sharetalk
**Categories:** B2B, Blogs, Business & Support Services, Technology, Technology, Media & Telecoms
**Tags:** Asian, Australia, china, Dow Jones Industrial Average, factory data, Hang Seng, Hong kong, Jakarta, Japan, Jerome Powell, Korean, Manila, markets, NASDAQ, Nasdaq Composite index, Nikkei 225 index, S&P 500, Seoul, shanghai, Singapore, South Korea, Stock Markets, Sydney, Taipei, Taiwan, Tokyo, US Federal Reserve, US stocks, US Treasury bonds, Wall Street, Wellington
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/08/WORLD-750x406-1.webp?fit=750%2C406&quality=80&ssl=1)

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Japanese stocks led the gains in Asian markets following a strong rally on Wall Street, where data indicated that the US economy is performing better than anticipated.

In Tokyo, the Nikkei 225 is poised to conclude a week of gains, with the index surging 2.9% to 37,800.42. This recovery comes after last week’s significant selloff, driven by the Bank of Japan’s interest rate hike. The higher rates prompted investors, who had borrowed in yen to invest in dollar assets, to sell their holdings to cover the increased costs associated with “carry trade” deals.

The yen weakened against the US dollar this week. The dollar slipped to 148.88 yen from 149.27 yen in morning trading, compared to around 146 yen the previous week.

In other Asian markets, the Hang Seng in Hong Kong gained 1.6% to 17,376.44, while the Shanghai Composite Index edged up 0.1% to 2,879.93.

In South Korea, the Kospi jumped 1.8% to 2,692.65, and Australia’s S&P/ASX 200 advanced 1.1% to 7,948.90.

On Wall Street, the S&P 500 surged 1.6% to 5,543.22, marking its fourth-best day of the year and extending its winning streak to six days as the US stock market rebounded from a recent sell-off. The index is now within 2.2% of its all-time high set last month.

The Dow Jones Industrial Average rose 1.4%, closing at 40,563.06, while the Nasdaq Composite climbed 2.3% to 17,594.50 as Nvidia and other Big Tech stocks recovered further from their setbacks over the past month.

In the bond market, the yield on the benchmark 10-year US Treasury bonds increased to 3.91% from 3.84% late on Wednesday.

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