Asian shares advance on back of rally on Wall Street

Apr 24, 2022, 8:39 AM | Updated: Apr 25, 2022, 9:17 pm
A pedestrian walks past the New York Stock Exchange, Monday, Jan. 24, 2022, in New York. Stocks are...

A pedestrian walks past the New York Stock Exchange, Monday, Jan. 24, 2022, in New York. Stocks are opening lower on Wall Street following drops in overseas markets, continuing a losing streak for U.S. markets that has brought the benchmark S&P 500 index down for three weeks in a row. Energy companies had the biggest losses in the early going Monday, April 26, 2022 as crude oil prices fell more than 5%. (AP Photo/John Minchillo)

(AP Photo/John Minchillo)

Asian shares were mostly higher Tuesday after U.S. stocks stormed back from sharp losses to log strong gains.

Tokyo, Hong Kong, Seoul and Shanghai advanced while Sydney declined. Oil prices rose and U.S. futures also were higher.

South Korea reported that its economy grew at a 3.1% annual pace in the first quarter of the year, up 0.7% from the previous quarter, suggesting a rebound from the travails of the pandemic.

The government has recently lifted most COVID restrictions as case numbers have abated after a wave of the omicron variant.

“This should drive a bounce back in downtrodden parts of the service sector. And a further drop in precautionary savings should provide an extra boost to consumption,” Alex Holmes of Capital Economics said in a commentary. “With private consumption still well below pre-pandemic levels, there is plenty of scope for a rebound,” he said.

The Kospi in Seoul gained 0.7% to 2,675.21. In Tokyo, the Nikkei 225 rose 0.5% to 26,726.65 while Hong Kong’s Hang Seng gained 1.2% to 20,112.90. The Shanghai Composite index climbed 0.5% to 2,943.22.

US. benchmark oil gained 60 cents to $99.14 per barrel in electronic trading on the New York Mercantile Exchange. It lost $3.53 to $98.54 on Monday.

Brent crude, the standard for pricing international oil, gained 77 cents to $102.93 per barrel.

The dollar slipped to 127.75 Japanese yen from 128.14 yen late Monday. The euro rose to $1.0730 from $1.0713.

On Monday, the S&P 500 climbed 0.6% to 4,296.12 after erasing an early 1.7% loss. The rally was led by stocks of internet-related companies, including Twitter, which jumped 5.7% after agreeing to let Tesla CEO and tweeter extraordinaire Elon Musk buy it.

The Dow Jones industrial average rose 0.7% to 34,049.46, while the Nasdaq composite rallied 1.3% to 13,004.85.

The S&P 500 is coming off a three-week losing streak, dogged by worries about the Federal Reserve’s plans to move faster in raising interest rates to curb high inflation.

Gains for several big tech-related stocks were the strongest forces lifting the S&P 500 Monday, including a 2.4% gain for Microsoft and a 2.9% rise for the Class A shares of Google’s parent, Alphabet.

Both are set to report their latest quarterly results on Tuesday.

Wall Street is in the midst of one of the most important stretches of the earnings season. Apple, Microsoft, Amazon and the parent company of Google are all on deck to report this week. Since they’re among the biggest companies by market value, their movements hold the most sway over the S&P 500.

The week started out on a downbeat note, particularly in China, over fears that strict lockdown measures there might further crimp the world’s second-largest economy, potentially hurting global economic growth. Stocks in Shanghai slumped 5.1% Monday, while Hong Kong’s Hang Seng fell 3.7%.

China’s capital, Beijing, has begun mass testing of more than 3 million people and restricted residents in one part of the city to their compounds, sparking worries of a wider lockdown similar to Shanghai. That city has been locked down for more than two weeks and that has already prompted the International Monetary Fund to trim its growth forecast for China’s economy.

Worries are also high that the U.S. economy might slow sharply or even fall into a recession because of the big interest-rate increases the Fed is expected to push through.

Besides their bottom-line profit numbers, investors are also looking for a better sense of how big companies in the technology, industrial and retail sectors are handling rising inflation and supply chain issues.

Inflation remains a key concern for investors. Investors are worried about whether the Fed will be able to hike rates enough to quell inflation but not so much as to cause a recession. The chair of the Federal Reserve has indicated the central bank may hike short-term interest rates by double the usual amount at upcoming meetings, starting next week. The Fed has already raised its key overnight rate once, the first such increase since 2018.

Wall Street will also get some key economic data this week. The Conference Board will release its measure of consumer confidence for April on Tuesday. The Commerce Department will release its first-quarter gross domestic product report on Thursday.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

This image shows a live performance of "The Rocky Horror Picture Show" in Atlantic City, N.J., on O...
Associated Press

Do the ‘Time Warp’ again — ‘Rocky Horror’ show will travel

NEW YORK (AP) — Grab your toilet paper. Bring a flashlight. Don’t forget a newspaper — or your fishnets. A touring, interactive version of “The Rocky Horror Picture Show” is hitting the road to celebrate the cult film’s birthday with screenings, live shadow casts, the invitation to be inappropriate and one of its original stars […]
1 day ago
FILE --A Porsche 911 GT3 with Touring Package is on display during an event of German car maker Vol...
Associated Press

Volkswagen’s offering of Porsche shares nears completion

FRANKFURT, Germany (AP) — Volkswagen was nearing the finish line Wednesday as it readied the sale of shares in luxury carmaker Porsche ahead of an expected market listing that will rank among the largest such offerings in European history. The German automaker estimates the deal could reap as much as 9.5 billion euros ($9.08 billion) […]
1 day ago
Associated Press

Ugandan military helicopter crashes in eastern Congo

NAIROBI, Kenya (AP) — A Ugandan army spokesman confirmed Wednesday that the crash of one of the country’s military helicopters in eastern Congo. The spokesman, Felix Kulayigye, told The Associated Press “we are still waiting” for more details about the crash earlier this week. Uganda late last year deployed forces in eastern Congo to pursue […]
1 day ago
Associated Press

Schwarzenegger visits Auschwitz in message against hatred

OSWIECIM, Poland (AP) — Film icon Arnold Schwarzenegger visited the site of the Auschwitz Nazi death camp on Wednesday, meeting a Holocaust survivor and the son of Holocaust survivors to deliver a message against prejudice and hatred. The “Terminator” actor and former California governor viewed the barracks, watchtowers and remains of gas chambers that endure […]
1 day ago
FILE --People queue in front of a polling station for the Berlin local elections and the parliament...
Associated Press

Judge: Berlin will likely need to repeat its 2021 election

BERLIN (AP) — Berlin will likely need to repeat its 2021 state and district elections due to severe election day glitches, the president of the German capital’s constitutional court said Wednesday. Several political parties and government entities, including Berlin’s election authority, the far-right Alternative for Germany (AfD) party and the satirical political party The Party, […]
1 day ago
FILE — The Biogen Inc., headquarters is shown March 11, 2020, in Cambridge, Mass.  Shares of Biog...
Associated Press

Alzheimer’s drug shows promise in early results of study

Shares of Biogen and other drugmakers researching Alzheimer’s disease soared early Wednesday after Japan’s Eisai Co. said its potential treatment appeared to slow the fatal disease’s progress in a late-stage study. Eisai announced results late Tuesday from a global study of nearly 1,800 people with early-stage Alzheimer’s. The drugmaker said early results showed that its […]
1 day ago

Sponsored Articles

Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Work at Zum Services...

Seattle Public Schools announces three-year contract with Zum

Seattle Public Schools just announced a three-year contract with a brand-new company to the Pacific Northwest to assist with their student transportation: Zum.
Swedish Cyberknife 900x506...

June is Men’s Health Month: Here’s Why It’s Important To Speak About Your Health

According to the Centers for Disease Control and Prevention, men in the United States, on average, die five years earlier than women.
...

Anacortes – A Must Visit Summertime Destination

While Anacortes is certainly on the way to the San Juan Islands (SJI), it is not just a destination to get to the ferry… Anacortes is a destination in and of itself!
...

Ready for your 2022 Alaskan Adventure with Celebrity Cruises?

Celebrity Cruises SPONSORED — A round-trip Alaska cruise from Seattle is an amazing treat for you and a loved one. Not only are you able to see and explore some of the most incredible and visually appealing natural sights on the planet, but you’re also able to relax and re-energize while aboard a luxury cruise […]
Asian shares advance on back of rally on Wall Street