Asian shares advance, Wall St roars higher

People walk past the New York Stock Exchange on Wednesday, June 29, 2022 in New York. Wall Street’s best week of the year is getting even better Friday, Nov. 3, 2023, following a cooler-than-expected report on the job market.
People walk past the New York Stock Exchange on Wednesday, June 29, 2022 in New York. Wall Street’s best week of the year is getting even better Friday, Nov. 3, 2023, following a cooler-than-expected report on the job market.AP PHOTO

HONG KONG — Asian shares advanced on Friday after Wall Street roared higher on bets that market-rattling interest rate hikes are ending.

Hong Kong’s Hang Seng added 1.2% to 17,296.34, while the Shanghai Composite edged 0.1% higher to 3,026.32. Tokyo markets were closed for a holiday.

In China, a services industry survey showed a slight improvement in October, though retail sales hit their lowest level in 10 months. Similar surveys for the manufacturing sector released early this week revealed more sluggish market conditions overall.

Australia’s S&P/ASX 200 gained 1.2% to 6,978.40. South Korea’s Kospi surged 1% to 2,367.53. India’s Sensex was 0.8% higher, and Bangkok’s SET rose 0.6%.

Hopes that the Federal Reserve may finally be done with raising rates after it opted to keep its benchmark rate unchanged pushed shares higher worldwide on Thursday.

The Fed has jacked up rates furiously since early last year to try to slow the economy and starve high inflation of its fuel.

On Wall Street, the S&P 500 leapt 1.9% Thursday to 4,317.78 for its fourth straight winning day. It’s already up 4.9% this week and on pace for its best week in nearly a year.

The Dow Jones Industrial Average jumped 1.7% to 33,838,08, and the Nasdaq composite climbed 1.8% to 13,294.19. AP

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