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Asian shares rebound following latest tumble on Wall Street

AP – Asian shares advanced after the latest tumble on Wall Street, where the S&P 500 fell to its lowest level in five months.

United States (US) futures gained and oil prices were more than USD1 higher as the Israeli military said its troops and tanks had briefly entered northern Gaza.

Japan’s Nikkei 225 index gained 1.1 per cent to 30,948.49 as an unexpectedly high reading for consumer inflation in Tokyo raised hopes the central bank might finally end its longstanding near-zero interest rate policy.

Tokyo core consumer inflation, which excludes volatile fresh food prices, rose 2.7 per cent in October, the Statistics Bureau reported. As a leading indicator of nationwide trends, it suggests a broader trend of rising prices. Chinese shares also halted their recent slide as the government reported that profits at China’s industrial firms extended gains for a second month in September, rising nearly 12 per cent, following policy measures to help stabilise the slowing economy.

Industrial profits rose 17.2 per cent in August in the first expansion in more than a year.

The Hang Seng in Hong Kong rose 2.1 per cent to 17,403.03, setting the market up for a winning week, and the Shanghai Composite index added 1.1 per cent to 3,019.72. The Kospi in Seoul gained 0.2 per cent to 2,302.81. Australia’s S&P/ASX 200 was up 0.2 per cent to 6,826.90. Taiwan’s Taiex was 0.4 per cent higher and Bangkok’s SET was nearly flat.

Wall Street retreated on Thursday, dropping nearly 10 per cent below its high mark for the year, after big-name companies warned an uncertain global economy may hurt their profits. The S&P 500 fell 1.2 per cent for its ninth drop in 11 days, closing at 4,137.23.

Screens showing the Korea Composite Stock Price Index and the foreign exchange rate between US dollar and South Korean won in Seoul, South Korea. PHOTO: AP
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