US economic data give Japanese stock markets a boost

2023-08-30 09:37:05

Stock exchange in Beijing

Economists doubt that the government’s latest measures will provide sufficient support for the markets.

(Foto: Bloomberg/Getty Images)

Tokyo Asian stock markets followed Wall Street higher on Wednesday. However, ongoing concerns about the real estate market in China limited the price gains.

In Tokyo, the Nikkei Index, which comprises 225 stocks, closed at its highest level in three weeks. It increased by 0.3 percent to 32,333 jobs. The broader Topix advanced 0.4 percent. The Shanghai stock exchange and the index of the most important companies in Shanghai and Shenzhen, on the other hand, ended trading little changed at 3137 and 3789 points, respectively.

Weak US jobs data on Wednesday boosted hopes of an end to the US Federal Reserve’s tightening of monetary policy. “Bad news is good news in this case, as it gives reason to expect a rate pause despite Fed Chair Jerome Powell’s recent firm rhetoric,” said Tina Teng, market analyst at broker CMC Markets. The central bankers are attempting to curb inflation by raising interest rates and cooling down the overheated labor market.

Read on now

Get access to this and every other article in the

Web and in our app free of charge for 4 weeks.

Further

Read on now

Get access to this and every other article in the

web and in our app.

Further