Asian shares rise despite Wall St decline as China faces weak factory activity

From AP News: 2024-05-31 02:13:00

Asian shares rose despite a decline on Wall Street, with Japan planning major investments and China facing weak factory activity. Hong Kong and Shanghai shares climbed, while Taiwan saw a drop. Nvidia’s loss impacted US markets, with Nasdaq down 1.1% and S&P 500 sinking 0.6%. Friday will bring inflation and earnings reports.

Better-than-expected profits boosted market sentiment on Thursday, with Best Buy and Foot Locker exceeding forecasts. Treasury yields eased, while economic reports suggested weaker US economic growth and more jobless claims. A slowdown could prompt the Federal Reserve to cut the federal funds rate, impacting interest rates.

Yields on the 10-year Treasury fell to 4.54%, with gains for C3.ai and HP after strong earnings reports. Retailers are being closely watched for how inflation impacts spending. US benchmark crude oil dipped to $77.63 per barrel, while the US dollar weakened against the Japanese yen and euro.



Read more at AP News: Stock market today: Asian shares shrug off latest Wall St rout as Chinese factory activity weakens.