Asian markets follow Wall St up but on track for annual loss

Dec 28, 2022, 8:39 AM | Updated: Dec 29, 2022, 7:53 pm
A Trader works on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. St...

A Trader works on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)

(AP Photo/Seth Wenig)

              A Trader works on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              A screen displays financial news on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              Women walk by monitors showing New York Dow Jones Industrial Average, Japan's Nikkei 225 index and foreign exchange rate against the U.S. dollar at a securities firm also showing Japan's traditional decorations for New Year's holidays in Tokyo, Friday, Dec. 30, 2022. Asian stock markets followed Wall Street higher on Friday following encouraging U.S. employment data but were headed for double-digit losses for the year. (AP Photo/Hiro Komae)
            
              A mail carrier delivers mails at a securities firm that's showing Japan's Nikkei 225 index and New York Dow Jones Industrial Average in Tokyo, Friday, Dec. 30, 2022. Asian stock markets followed Wall Street higher on Friday following encouraging U.S. employment data but were headed for double-digit losses for the year. (AP Photo/Hiro Komae)
            
              People pass by monitors showing Japan's Nikkei 225 index and its foreign exchange rate against the U.S. dollar at a securities firm in Tokyo, Friday, Dec. 30, 2022. Asian stock markets followed Wall Street higher on Friday following encouraging U.S. employment data but were headed for double-digit losses for the year. (AP Photo/Hiro Komae)
            
              A man rides his bicycle past monitors showing Japan's Nikkei 225 index at a securities firm in Tokyo, Friday, Dec. 30, 2022. Asian stock markets followed Wall Street higher on Friday following encouraging U.S. employment data but were headed for double-digit losses for the year. (AP Photo/Hiro Komae)
            
              A screen displays financial news on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. (AP Photo/Seth Wenig)
            
              A Trader works on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              A screen displays financial news on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors.  (AP Photo/Seth Wenig)
            
              A screen displays financial news on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. (AP Photo/Seth Wenig)
            
              A Trader works on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              A screen displays financial news on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors.  (AP Photo/Seth Wenig)
            
              A screen displays financial news on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. (AP Photo/Seth Wenig)
            
              A Trader works on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              A screen displays financial news on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors.  (AP Photo/Seth Wenig)
            
              A screen displays financial news on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. (AP Photo/Seth Wenig)
            
              A Trader works on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              A screen displays financial news on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors.  (AP Photo/Seth Wenig)
            
              A screen displays financial news on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. (AP Photo/Seth Wenig)
            
              Traders work on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. (AP Photo/Seth Wenig)
            
              A Trader works on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors. (AP Photo/Seth Wenig)
            
              A screen displays financial news on the floor at the New York Stock Exchange in New York, Thursday, Dec. 29, 2022. Stocks are opening higher on Wall Street Thursday in a broad rally led by the IT and communications sectors.  (AP Photo/Seth Wenig)
            
              FILE - The New York Stock Exchange is seen in New York, Tuesday, June 14, 2022. (AP Photo/Seth Wenig, File)
            
              FILE - An NYSE sign is displayed at the New York Stock Exchange in New York, on Nov. 28, 2022. Stocks edged higher in morning trading on Wall Street Wednesday, Dec. 28, 2022, as investors count down to the end of the worst year for the S&P 500 since 2008. (AP Photo/Seth Wenig, File)
            
              A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Dec. 29, 2022. Shares slipped in Asia on Thursday after benchmarks fell more than 1% on Wall Street in the middle of a mostly quiet and holiday-shortened week. (AP Photo/Lee Jin-man)
            
              A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Dec. 29, 2022. Shares slipped in Asia on Thursday after benchmarks fell more than 1% on Wall Street in the middle of a mostly quiet and holiday-shortened week. (AP Photo/Lee Jin-man)
            
              A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Dec. 29, 2022. Shares slipped in Asia on Thursday after benchmarks fell more than 1% on Wall Street in the middle of a mostly quiet and holiday-shortened week. (AP Photo/Lee Jin-man)
            
              Currency traders stand near the screens showing the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, Thursday, Dec. 29, 2022. Shares slipped in Asia on Thursday after benchmarks fell more than 1% on Wall Street in the middle of a mostly quiet and holiday-shortened week. (AP Photo/Lee Jin-man)

BEIJING (AP) — Asian stock markets followed Wall Street higher on Friday following encouraging U.S. employment data but were headed for double-digit losses for the year.

Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices edged higher.

Wall Street’s benchmark S&P 500 index gained Thursday after the number of people applying for unemployment benefits rose only slightly last week despite repeated interest rate hikes to cool inflation by slowing economic activity.

“Considering the market news was sparse, the shift higher has the hallmarks of a dead cat bounce,” said Stephen Innes of SPI Asset Management in a report.

The Shanghai Composite Index gained 0.4% to 3,085.96. The Chinese benchmark is on track to end 2022 down more than 14% after the world’s second-largest economy was depressed by anti-virus controls and a crackdown on corporate debt.

Tokyo’s Nikkei 225 gained 0.3% to 26,168.45. It is headed for an annual loss of almost 10%. The Hang Seng in Hong Kong added 0.4% to 19,803.77. It is off more than 14% this year.

Sydney’s S&P-ASX 200 was 0.5% higher at 7,057.40. New Zealand declined while Southeast Asian markets rose.

South Korean markets were closed for a holiday. The country’s benchmark Kospi index is headed for a loss of more than 25% for the year.

On Wall Street, the S&P 500 rose 1.7% to 3,849.28. The Dow Jones Industrial Average gained 1% to 33,220.80. The Nasdaq composite added 2.6% to 10,478.09.

Each major U.S. index is headed for a loss in December. Companies in the S&P 500 took in record profits in 2022 but the index will end the year down about 20%, which would be the benchmark’s biggest annual decline since 2008.

Investors are uneasy about a string of interest rate hikes by the Federal Reserve and central banks in Europe and Asia to tame inflation that is at multi-decade highs. They worry central banks are willing to cause a recession if necessary.

The Fed’s key lending rate stands at a range of 4.25% to 4.5% after seven increases this year. The U.S. central bank forecasts that will reach a range of 5% to 5.25% by the end of 2023. Its forecast doesn’t call for a rate cut before 2024.

In energy markets, benchmark U.S. crude rose 19 cents to $78.59 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 56 cents on Thursday to $78.40. Brent crude, used as the price basis for international oil trading, advanced 10 cents to $83.56 per barrel in London. It lost $1 the previous session to $82.26 a barrel.

The dollar declined to 132.57 yen from Thursday’s 132.90 yen. The euro edged lower to $1.0659 from $1.0677.

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

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Asian markets follow Wall St up but on track for annual loss