Asian markets rallied on Thursday, following gains in U.S. stock markets. The positive momentum in Asia was influenced by an update on inflation, which has paved the way for further economic support from the Federal Reserve.
Hong Kong's Hang Seng index surged by 1.7%, while the Shanghai Composite index saw a 0.6% increase. Japan's Nikkei 225 index also advanced by 1.3%, driven by strong demand for technology stocks. South Korea's Kospi index climbed 0.9%, while Taiwan's Taiex rose by 0.7%. The S&P/ASX 200 in Australia edged down by 0.2%, and India's Sensex remained relatively unchanged.
The recent performance of U.S. stock indexes has been encouraging, with a rebound observed on Wednesday following a report on inflation. The S&P 500 rose by 0.8%, breaking a two-day losing streak. The Nasdaq composite experienced a more significant jump of 1.8%, closing above the 20,000 mark for the first time, while the Dow Jones Industrial Average dipped slightly by 0.2%.
Tesla saw a remarkable increase of 5.9%, while Stitch Fix experienced a staggering 44.3% surge. GE Vernova, a spinoff from General Electric, also made headlines with a 5% increase in its stock price. Albertsons faced a 1.5% decline after filing a lawsuit against Kroger. Macy's stock slipped by 0.8% after the retailer revised its financial forecasts for the full year of 2024.
In the commodities market, U.S. benchmark crude oil prices saw a slight increase, while Brent crude, the international benchmark, gained 11 cents.
The U.S. dollar experienced a slight decline against the Japanese yen, while the euro appreciated against the dollar.