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Stocks & Shares

Asia shares mostly higher after Wall Street rallies


Nikkei 225 index added 0.9% to 38,441.90, Hang Seng lost 0.2% to 17,903.06, the Shanghai Composite index added 0.4% to 3,026.61, the Kospi gained 0.8% to 2,766.22, and the S&P/ASX 200 climbed 1% to 7,776.20

Shares were mostly higher in Asia on Tuesday after U.S. stocks rallied to more records, with gains for technology companies pushing the benchmarks up.

U.S. futures were flat and oil prices dropped.

This week has few top-tier economic reports apart from an update Tuesday on how much American shoppers are spending at U.S. retailers and a preliminary look Friday at the state of U.S. business activity. U.S. markets will be closed Wednesday for the Juneteenth holiday.

Tokyo’s Nikkei 225 index added 0.9% to 38,441.90. Toyota Motor Corp., a market heavyweight, advanced 0.6% after its shareholders rejected a proposal to force Akio Toyoda, grandson of the automaker’s founder, to leave his post as chairman of the board.

Hong Kong’s Hang Seng lost 0.2% to 17,903.06 and the Shanghai Composite index added 0.4% to 3,026.61.

In South Korea, the Kospi gained 0.8% to 2,766.22.

In Sydney, the S&P/ASX 200 climbed 1% to 7,776.20 after the Reserve Bank of Australia (RBA) kept its key interest rate unchanged.

While the Bank at its May meeting noted that inflation had declined more gradually than expected, it today described it as ‘persistent,’ emphasizing that headline inflation as well as inflation excluding volatile items and travel had not dropped any further between April and December, Capital Economics said in a commentary.

Admittedly, the Bank noted that ‘momentum in economic activity is weak,’ with the statement citing slow GDP growth, a rise in the unemployment rate and slower-than-expected wages growth, it added.

India’s Sensex added 0.4% to 77,291.77.

Brent crude dropped 30 cents to top $84.19 per barrel.

The dollar reached 157.59 Japanese yen from 156.38 yen. The euro was trading at $1.0724 from $1.0702.

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