Asian shares opened mostly higher following a week of record highs for U.S. stocks. U.S. futures and oil prices also saw gains. Hong Kong's Hang Seng dropped 0.6%, while the Shanghai Composite and Shenzhen's A-share index rose. Mainland Chinese markets saw gains after cuts in Loan Prime Rates, aimed at easing pressure on borrowers, especially property developers. China's Finance Ministry plans to increase government spending in the coming months to boost economic activity.
In Tokyo, the Nikkei 225 index rose, and the Kospi in Seoul surged. Australia's S&P/ASX 200 also saw gains. Oil prices rebounded after concerns over potential attacks on Iranian oil facilities eased. U.S. benchmark crude and Brent crude both saw increases in early trading.
The dollar weakened against the Japanese yen, while the euro also slipped. Wall Street closed the week with more record highs, with the S&P 500, Dow Jones, and Nasdaq all posting gains. Positive economic data has raised hopes for a strong recovery from high inflation without a recession. The Federal Reserve's interest rate cuts are seen as supportive of further stock market growth.
Netflix's strong quarterly profit report boosted its stock, while CVS Health's lower-than-expected profit outlook led to a decline in its shares. Traders now anticipate a quarter-point interest rate cut by the Federal Reserve at its next meeting in November, as recent economic updates have tempered expectations for a larger cut.
