Asian shares are mostly higher as markets continued to be moderately optimistic about the prospects of technology companies and the relative health of global economies.
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index , top left, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 30, 2024. – Asian shares mostly rose Friday as markets continued to be moderately optimistic about the prospects of technology companies and the relative health of global economies.
Australia’s S&P/ASX 200 gained 0.3% to 8,071.90. South Korea’s Kospi added 0.6% to 2,677.19. Hong Kong’s Hang Seng surged 1.8% to 18,100.00, while the Shanghai Composite jumped 1/3% to 2,860.89. The Dow Jones Industrial Average managed a 0.6% gain, enough for its third all-time high since Monday. The Nasdaq composite, which is heavily weighted with technology stocks, slipped 0.2%. It had been up 1.3% in the early going.
In a bit of positive news, the Commerce Department upgraded its assessment of U.S. economic growth for the second quarter to 3%, compared to a previous estimate of 2.8%. It’s another signal that the economy remains strong, despite pressure from stubborn inflation and high interest rates. The key report this week comes on Friday, when the U.S. government releases its July data on inflation with the PCE, or personal consumption and expenditures report. Economists expect the PCE, which is the Federal Reserve’s preferred measure of inflation, to show that inflation edged up to 2.6% in July from 2.5% in June. It was as high as 7.1% in the middle of 2022.
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