Asian shares mostly rise amid market optimism about AI, despite Iran worries
Asian stock markets displayed a generally positive trend on Thursday, driven by optimism surrounding technology and artificial intelligence (AI). Despite concerns over the ongoing conflict in Iran, investors remained focused on the potential growth opportunities presented by these sectors. Japan's Nikkei 225 index saw a 2.4% increase, reaching 68,355.81.
Australia's S&P/ASX 200 declined by 1.7% to 8,638.10, while South Korea's Kospi increased by 0.5% to 6,873.06. Hong Kong's Hang Seng gained 0.4% to 24,613.27, and China's Shanghai Composite rose by 0.3% to 3,842.19. In the technology sector, companies such as Advantest Corp., Tokyo Electron, and SoftBank Group Corp. experienced gains.
Meanwhile, U.S. stocks experienced a decline on Wednesday, with both the S&P 500 and Dow Jones Industrial Average falling, although the Nasdaq composite managed a slight gain. The S&P 500 closed at 7,651.54, down 19.30 points, while the Dow Jones Industrial Average fell by 443.87 points to 50,906.05. The Nasdaq composite added 63.52 points to 26,861.06.
Inflation data from the United States indicated that the cost of living rose by 3.4% in August compared to the previous year, slightly lower than the anticipated 3.7% increase. Energy prices, particularly U.S. crude and Brent crude, experienced fluctuations due to uncertainty surrounding the resolution of the Iran conflict. Iranian officials received a response from the U.S. regarding their proposal to resolve the seven-month-long war, but the exact contents of the response remained undisclosed.
U.S. President Donald Trump had previously rejected Iran's proposal, demanding certain conditions be met before reopening the Strait of Hormuz. Treasury yields, which are influenced by expectations for inflation and long-term economic growth, rose, with the 10-year Treasury yield reaching 5.29% and the 30-year yield increasing to 5.64%. Consequently, the U.S. dollar strengthened against the Japanese yen and the euro.
Written by urgent.news from Winnipeg Free Press's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
