Asian stock markets followed a surge on Wall Street, fueled by positive U.S. inflation figures and robust bank earnings reports. The rally was particularly strong in the banking sector, with several major banks exceeding profit expectations for the final quarter of 2024. Investors are closely watching these early earnings releases for clues about the overall health of the U.S. economy.
Asian shares mostly rose Thursday, following a rally on Wall Street driven by encouraging updates on U.S. inflation. Bank of Japan data showed wholesale prices in Japan rose 3.8% in December last year compared to a year earlier, adding to pressures on the central bank to raise interest rates, possibly at a monetary policy meeting next week. In China, the Hang Seng in Hong Kong gained 1.2% to 19,516.62, while the Shanghai Composite index rose nearly 0.3% to 3,237.32. The S&P 500 jumped 1.
8% to 5,949.91. The Dow Jones Industrial Average rallied 1.7% to 43,221.55, and the Nasdaq composite leaped 2.5% to 19,511.23. Bank stocks helped lead the way after several reported stronger profits for the last three months of 2024 than analysts expected. Wells Fargo jumped 6.7%, Citigroup rallied 6.5% and Goldman Sachs gained 6%. They’re among the first big U.S. companies to report their results for the end of 2024, and even more focus may be on them than usual. The yield on the 10-year Treasury dropped back to 4.65% from 4.79% late Tuesday, which is a considerable move. It had largely been screaming higher since September, when it was below 3.65%. The two-year Treasury yield, which more closely tracks expectations for the Fed’s upcoming actions, fell to 4.26% from 4.37%.
ASIAN STOCKS WALL STREET INFLATION BANK PROFITS US ECONOMY
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