A man wearing a protective mask stands in front of an electronic board displaying Japan’s Nikkei 225 index at a securities firm on Wednesday, October 6, 2021 in Tokyo. Asian stocks slid in cautious trading on Wednesday, ignoring a rally on Wall Street, with Tokyo’s Nikkei 225 index retreating after an open higher.
A man wearing a protective mask walks past an electronic board displaying Japan’s Nikkei 225 index at a securities firm on Wednesday, October 6, 2021 in Tokyo. Asian stocks slid in cautious trading on Wednesday, ignoring a rally on Wall Street, with Tokyo’s Nikkei 225 index retreating after an open higher.
A man wearing a protective mask walks past an electronic board displaying Japan’s Nikkei 225 index at a securities firm on Wednesday, October 6, 2021 in Tokyo. Asian stocks slid in cautious trading on Wednesday, ignoring a rally on Wall Street, with Tokyo’s Nikkei 225 index retreating after an open higher.
A man wearing a protective mask walks past an electronic board displaying the Japanese Nikkei 225 and New York Dow indices at a securities firm on Wednesday, October 6, 2021 in Tokyo. Asian stocks slid in cautious trading on Wednesday, ignoring a rally on Wall Street, with Tokyo’s Nikkei 225 index retreating after an open higher.
FILE – A Wall Street sign is seen next to surveillance equipment outside the New York Stock Exchange on Tuesday, October 5, 2021, in New York City. Stocks fell in morning trading on Wednesday, October 6, 2021 as Wall Street experiences a period of volatility, due in part to large swings in tech companies. The S&P 500 fell 0.8%. The benchmark index has increased or decreased by more than 1% in the past four days. The Dow Jones Industrial Average slipped 1% and the Nasdaq fell 0.6%. International markets also sold off, with trade in Japan, South Korea, Germany and France all falling by more than 1%.
A currency trader looks at computer screens near screens showing the Korean Stock Brokers Automated Quotes (KOSDAQ), bottom left, and exchange rates in a forex trading room in Seoul, Korea South on Thursday, October 7, 2021. Asian shares rose on Thursday, following a rally on Wall Street.
A currency trader looks at computer screens near screens showing the Composite Korean Stock Price Index (KOSPI), left, and the exchange rate between the US dollar and the South Korean won in a trading room exchange in Seoul, South Korea on Thursday, October 10. 7 2021. Asian stocks rose on Thursday, following a rally on Wall Street.
Forex traders look at computer screens near screens showing the Korea Composite Stock Price Index (KOSPI), left, and the exchange rate between the US dollar and the South Korean won in a trading room. Foreign exchange in Seoul, South Korea, Thursday, October 7. , 2021. Asian stocks rose Thursday, following a rally on Wall Street.
A forex trader looks at computer screens near screens displaying exchange rates in a foreign exchange trading room in Seoul, South Korea on Thursday, October 7, 2021. Asian stocks rose on Thursday, following a rally on Wall Street .
By YURI KAGEYAMA Business Writer AP
TOKYO (AP) – Asian stocks rose on Thursday, following a rally on Wall Street after signs of progress in resolving the congressional deadlock over the debt ceiling.
Japan’s benchmark Nikkei 225 gained 1.6% in morning trading to 27,972.58. The Australian S & P / ASX 200 added 0.8% to 7,262.30. South Korea’s Kospi jumped 1.3% to 2,944.57. Hong Kong’s Hang Seng jumped 2.2% to 24,491.36. The trade was closed in Shanghai for a Chinese national holiday.
Stephen Schwartz, senior director of Fitch, said he believes the regional economy will start to recover with growing vaccination efforts in Asia, which means restrictions to curb the spread of the coronavirus will be lifted.
But South and Southeast Asia, where vaccination deployment has been delayed, remains vulnerable to the “pandemic setbacks” of COVID-19. The recent problems in China’s real estate sector are another risk, he added.
“The slowdown in growth in China, along with the expected reduction from the US Fed, could have broader negative repercussions, especially for emerging and frontier markets in the region,” he said.
Japan’s economic outlook also remains bleak as new Prime Minister Fumio Kishida delivers his first political speech later this week. Although he has promised to raise revenues, he did not give details and is not widely seen as a supporter of the regulatory and structural changes that analysts have long said Japan badly needed. Some skeptics fear that any new spending will only push the country into further debt.
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