Small company stocks also made solid gains, lifting the Russell 2000 advanced 3.9% to 1,775.77. The Nasdaq composite climbed 3.3% to 11,176.41. Twitter surged 22.2% after Elon Musk said he would go ahead with his $44 billion acquisition of the social media company, abandoning efforts to get out of the deal. The S&P 500 had its best day since May 2020 on Tuesday as the market clawed back more of the ground it lost over the past miserable several weeks. On Wall Street, the Dow Jones Industrial Average climbed more 2.8% to 30,316.32. Gasoline prices will likely decline further, but city gas and power rates were raised at the beginning of October and fresh food prices will also probably rise ahead of winter,” said a report by Robert Carnell, regional head of research Asia-Pacific at ING. “We expect headline inflation to rise again in October. South Korea’s Kospi added 0.6% in morning trading to 2,221.43.Īnalysts said the latest data on South Korea’s inflation may push the Bank of Korea to raise interest rates at its meeting set for next week, but such hikes were expected to slow in pace as inflation is brought under control. Photo: ASSOCIATED PRESS/Seth Wenig Previous Next Traders gather around a post as Twitter shares resume trading on the floor at the New York Stock Exchange in New York, Tuesday, Oct. Shares in Australia got a boost after the Reserve Bank of Australia ordered a smaller-than-expected 25 basis points interest rate hike on Tuesday. Japan’s benchmark Nikkei 225 added 0.3% in morning trading to 27,079.49. Markets in mainland China remained closed for a holiday.
The Hang Seng in Hong Kong rose 5.3% to 17,988.86, catching up with gains elsewhere as markets reopened following a holiday Tuesday. The rate hike came on the same day the government announced its finances were in better shape than forecast. Statistics New Zealand said inflation was running at 7.3% and unemployment at 3.3%. The half-point rate hike was the fifth in a row made by the Reserve Bank of New Zealand since February. New Zealand’s share benchmark rose 0.7% after its central bank hiked its benchmark interest rate to 3.5%, saying inflation remained too high and labor scarce. TOKYO (AP) - Hong Kong’s share benchmark soared more than 5% on Wednesday as Asian shares tracked gains on Wall Street.
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