Asian shares mostly rise after AI leads rally on Wall Street
Summary
Asian stock markets mostly rose, driven by optimism about artificial intelligence (AI) companies and semiconductor industries. U.S. markets also showed gains after strong AI company earnings and a slight easing of inflation costs were reported.Key Facts
- Japan’s Nikkei 225 index rose 1.6% to 68,609.92 in early trading.
- South Korea’s Kospi surged 3.9%, while Hong Kong’s Hang Seng and Shanghai Composite also recorded small gains.
- Australia’s S&P/ASX 200 fell by 0.6%.
- U.S. markets saw the S&P 500 increase by 0.3%, the Nasdaq rise 0.5%, while the Dow Jones dipped less than 0.1%.
- AI stocks led gains after better-than-expected earnings reports, improving investor confidence.
- U.S. inflation rose 3.4% annually in July, slightly less than June’s 3.5%, easing concerns.
- Lower inflation raised hopes the Federal Reserve might delay raising interest rates in September.
- The 10-year U.S. Treasury yield decreased slightly but stayed above recent pre-conflict levels.
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