Japan’s benchmark Nikkei 225 added 2.8% to 36,605.62, Australia’s S&P/ASX 200 gained 0.7% to 8,041.10, while Hong Kong’s Hang Seng climbed 1.0% to 17,283.46
Asian shares mostly rose on Thursday, encouraged by gains on Wall Street led by Big Tech companies.
Japan’s benchmark Nikkei 225 surged in early trading, gaining 2.8% to 36,605.62, although the sharp gains were partly a reflection of earlier sharp declines.
The cheap yen was a boon for some issues, as it boosts the value of overseas earnings when converted into yen. Toyota Motor Corp. climbed 2.8%, while Nintendo Co. rose 1.2%.
In currency trading, the U.S. dollar advanced to 142.53 Japanese yen from 142.28. The euro cost $1.1016, edging down from $1.1017.
Shares in Nippon Steel Corp. were little changed after Keidanren, a group of Japan’s top businesses, expressed in a letter to U.S. Treasury Secretary Janet Yellen concerns about “political interference” in Nippon Steel’s proposed acquisition of U.S. Steel Corp. U.S. Steel issues closed almost 7% higher a day earlier.
America’s investment climate will be severely tarnished if such political interference prevails, as per the letter, which was also signed by the U.S. Chamber of Commerce, Global Business Alliance, Alliance for Automotive Innovation and other groups.
Yellen oversees the government committee reviewing the takeover, while the White House recently signalled openness to blocking the acquisition.
In the rest of the region, Australia’s S&P/ASX 200 gained 0.7% to 8,041.10. Hong Kong’s Hang Seng climbed 1.0% to 17,283.46, while the Shanghai Composite was little changed at 2,720.40.
On Wall Street, the S&P 500 rallied 1.1% after erasing a morning wipeout of 1.6%. A majority of the index’s stocks still closed lower for the day, but the performances by Nvidia and other tech stocks were enough to drive it to a third consecutive gain and back within 2% of its all-time high set in July.
The Dow Jones Industrial Average advanced by 124 points, or 0.3%, after rallying back from a drop of 743 points. The Nasdaq composite climbed 2.2%.
