Asian shares are closing a challenging week on a positive note, with Japanese stocks nearing a full recovery from Monday’s significant losses.
Meanwhile, the yen declined as markets reduced the likelihood of a large US rate cut.
Japan’s Nikkei ended the day up 0.8% at 35,091.34, following a robust rebound on Wall Street overnight. This recovery erased most of the 13% drop experienced on Monday, resulting in a weekly decline of only 2.2%.
Hong Kong’s Hang Seng rose by 1.9% to 17,211.26, and the Shanghai Composite Index increased by 0.2% to 2,876.51.
In South Korea, the Kospi surged 1.5% to 2,595.50, while Australia’s S&P/ASX 200 climbed 1.4% to 7,792.80.
Elsewhere, Taiwan’s Taiex jumped 3.4%, with Taiwan Semiconductor Manufacturing Company (TSMC) advancing 3.6%, reflecting the rally in Big Tech stocks on Wall Street. The SET in Bangkok increased by 0.5%.
On Wall Street on Thursday, the S&P 500 soared 2.3% to 5,319.31, marking its best day since 2022 and nearly erasing a severe early-week loss, now down just 0.5% for the week.
The Dow Jones Industrial Average climbed 1.8% to 39,446.49, and the Nasdaq Composite surged 2.9% to 16,660.02, driven by gains in Nvidia and other Big Tech stocks.
Treasury yields also rose, indicating increased investor confidence in the economy after a report showed fewer US workers applied for unemployment benefits last week, a figure that exceeded economists’ expectations.
