Gains in technology shares boosted benchmarks in South Korea, Hong Kong and Taiwan. Japan's markets were closed for a holiday.
BANGKOK — Shares have climbed in Asia following a rally on Wall Street, where investors bet that slow U.S. wage gains may augur a cooling of the inflation that has led the Federal Reserve to hike interest rates.
A Chinese financial news outlet cited a top central bank official as saying that China’s more than two-year crackdown on internet companies is nearly finished. Hong Kong’s Hang Seng index HSI gained 1.6% to 21,328.41 while the Shanghai Composite index SHCOMP added 0.5% to 3,174.33. Gains were widespread, with about 95% of the stocks in the benchmark S&P 500 index closing higher. Technology companies powered much of the rally. Chipmaker Nvidia NVDA rose 4.2%.
The jobs report showed wages nationwide rose 4.6% in December from a year earlier in the smallest increase since two summers ago. Economists had expected wage gains to pick up. Past rate hikes have already inflicted pain in areas of the economy that do best when rates are low, such as housing.
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