Asian shares mostly rose on Thursday, following gains on Wall Street driven by influential Big Tech companies. Japan's Nikkei 225 surged by 2.8% in early trading, with the cheap yen benefiting companies like Toyota Motor Corp. and Nintendo Co. The U.S. dollar strengthened against the Japanese yen and the euro slightly declined.
Nippon Steel Corp. saw little change in its shares after concerns were raised about political interference in its proposed acquisition of U.S. Steel Corp. The U.S. Treasury Secretary and various business groups expressed worries about the potential impact on America's investment climate.
Australia's S&P/ASX 200 and Hong Kong's Hang Seng also posted gains, while the Shanghai Composite remained stable. On Wall Street, the S&P 500 rebounded to a third consecutive gain, driven by tech stocks like Nvidia, Amazon, Microsoft, and Broadcom.
The Dow Jones Industrial Average and the Nasdaq composite also saw positive movements. Inflation in the U.S. slowed in August, but concerns remain about rising prices affecting consumers. The Federal Reserve is expected to cut its main interest rate at the upcoming meeting.
Big Tech companies continue to play a significant role in market movements, with Nvidia, Amazon, Microsoft, and Broadcom leading the charge. The S&P 500 closed higher, as did the Dow and the Nasdaq composite.
In the bond market, the 10-year Treasury yield rose slightly, while energy trading saw gains in benchmark U.S. crude and Brent crude. Overall, the markets showed resilience and optimism amidst ongoing economic uncertainties.
