Asian shares surge as Wall Street gains on strong earnings
Shares rebounded across Asia on Thursday after Wall Street gained on upbeat economic updates and a steady flow of strong quarterly reports from U.S. companies, News.Az reports, citing AP.
U.S. futures were little changed, while oil prices edged higher.
In Tokyo, the Nikkei 225 climbed 1.5% to 50,959.14. Shares of Nissan Motor Co. rose 1.3% after the automaker announced plans to sell its Yokohama headquarters to raise cash, ahead of its earnings release later in the day. South Korea’s Kospi added 1.2% to 4,054.15, and Taiwan’s Taiex rose 0.7%.
Hong Kong’s Hang Seng index advanced 1.6% to 26,361.40, while the Shanghai Composite gained 0.9% to 4,004.25. However, shares in autonomous driving firms Pony.ai and WeRide fell on their Hong Kong trading debut, slipping 13% and 13.7% respectively.
On Wednesday, U.S. stocks closed higher across the board, reversing the previous day’s decline. Tech giants led the rebound, with Alphabet rising 2.4%, Broadcom gaining 2%, and Meta Platforms advancing 1.4%. Their gains offset declines in Nvidia and Microsoft.
The S&P 500 rose 0.4% to 6,796.29, the Dow Jones Industrial Average added 0.5% to 47,311, and the Nasdaq composite climbed 0.6% to 23,499.80.
Corporate earnings remained a key driver on Wall Street. McDonald’s gained 2.2% after sales were lifted by the return of its popular Snack Wraps, while International Flavors & Fragrances jumped 4.1% after topping profit forecasts.
On the downside, Taser maker Axon Enterprise tumbled 9.4% after issuing a weaker-than-expected profit outlook, and Live Nation Entertainment dropped 10.6% after missing analysts’ estimates.
Similar news
