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Sept. 12, 2022, 12:04 a.m. EDT

Asian markets rise on back of Wall Street’s Friday rally

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By Associated Press

Shares rose Monday in Asia after last week’s strong close on Wall Street snapped a three-week losing streak.

Many regional markets were closed for holidays, while Tokyo and Sydney advanced. Oil prices declined.

Investors are watching for U.S. inflation figures and Chinese economic data this week.

The U.S. Labor Department will release its report on consumer prices for August on Tuesday and a report on wholesale prices on Wednesday. On Thursday, Wall Street will get an update on retail sales for August.

Coronavirus cases are still  casting a shadow in China,  where about 65 million Chinese were under lockdown as of last week despite just 1,248 new cases of domestic transmission, mostly asymptomatic, being reported on Sunday.

“All in all, the lower-for-longer growth picture remains the theme for China,” Yeap Jun Rong of IG said in a commentary.

Tokyo’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +0.24% gained 1.1% and the S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.79% in Sydney surged 1%. Taiwan’s benchmark /zigman2/quotes/210597977/delayed TW:Y9999 -1.68% gained 1.6%. Markets in Shanghai, Hong Kong and Seoul were closed for holidays.

On Friday, the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.44% closed 1.5% higher at 4,067.36, its third straight increase, and ended with a 3.7% gain for the week. That makes it the benchmark index’s best week going back to July.

Big gains for technology companies pushed the Nasdaq composite /zigman2/quotes/210598365/realtime COMP -2.00% to a 2.1% gain, at 12,112.31. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -1.03% rose 1.2% to 32,151.71. Both indexes also notched their first weekly gain in four weeks.

Those gains punctuated a holiday-shortened week of trading on Wall Street during which the market regained some of the ground it lost after a mid-August slump that wiped away the much of the gains from a mid-summer rally.

All 11 industry sectors in the benchmark S&P 500 rose, though makers of household goods and utilities, which are typically considered less risky investments, lagged the market. U.S. crude oil prices rose 3.9%, helping push up energy sector stocks. Exxon Mobil rose 1.7%.

The Federal Reserve is in the spotlight as investors they try to figure out whether the U.S. central bank’s plan to cool the hottest inflation in four decades will work or possibly tip an already slowing economy into a recession.

Stocks spent July and part of August gaining ground on hopes that the Fed would ease up on its interest rate hikes, but slumped over the last few weeks as it became clear the central bank remained resolute in raising rates.

The central bank has already raised rates four times this year and markets expect it to deliver another jumbo-sized increase of three-quarters of a percentage point at its next meeting in two weeks. Fed officials, including Chair Jerome Powell, have all  reaffirmed  the central bank’s determination in raising rates until inflation is under control.

In other trading Monday, U.S. benchmark crude oil lost $1.34 to $85.45 a barrel in electronic trading on the New York Mercantile exchange. It jumped $3.25 to $86.79 a barrel on Friday.

Brent crude oil , the pricing basis for international trading, gave up $1.30 to $91.54 a barrel.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1029% rose to 143.02 Japanese yen from $142.26 yen.

JP : Nikkei
+65.47 +0.24%
Volume: 0.00
Dec. 6, 2022 3:15p
-57.40 -0.79%
Volume: 72,122
Dec. 7, 2022 10:31a
TW : Taiwan Stock Exchange
-251.86 -1.68%
Volume: 0.00
Dec. 6, 2022 1:33p
-57.58 -1.44%
Volume: 0.00
Dec. 6, 2022 5:17p
US : Nasdaq
-225.05 -2.00%
Volume: 4.77B
Dec. 6, 2022 5:16p
US : Dow Jones Global
-350.76 -1.03%
Volume: 0.00
Dec. 6, 2022 5:17p
US : Tullett Prebon
-0.1410 -0.1029%
Volume: 0.0000
Dec. 6, 2022 6:51p

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