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TMI BlogStock market today: Asian shares advance on back of Wall St's rally, upbeat Chinese factory dataX X X X Extracts X X X X X X X X Extracts X X X X ..... Stock market today: Asian shares advance on back of Wall St's rally, upbeat Chinese factory data X X X X Extracts X X X X X X X X Extracts X X X X ..... bubble tea chain Mixue Bingcheng's shares soared 40 per cent after its USD 444 million IPO. Local reports said it set a local record for subscriptions, which exceeded 1 trillion Hong Kong dollars (USD 128 billion). Hong Kong's Hang Seng climbed 1.2 per cent to 23,222.88 while the Shanghai Composite index was up 0.3 per cent at 3,332.27. In Tokyo, the Nikkei 225 advanced 1.4 per cent to 37,662. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14. South Korean markets were closed for a holiday, while the S and P/ASX 200 in Australia gained 0.6 per cent to 8,220.80. Taiwan's Taiex sank 1.4 per cent, while the in Bangkok, the SET fell 0.7 per cent. Surveys of Chinese factory managers showed signs of improvement in February as new orders rose, likely driven by companies moving quickly to beat rising tariffs on exports to the United S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tates, where the administration of President Donald Trump has boosted import duties on Chinese goods to 20 per cent. On Friday, the S and P 500 jumped 1.6 per cent to 5,954.50. The Dow Jones Industrial Average gained 1.4 per cent to 43,840.91, and the Nasdaq composite jumped 1.6 per cent to 18,847.28. The S and P 500 had dropped in five of the prior six days after weaker-than-expected reports ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the economy and worries about President Donald Trump's tariffs knocked the index off its all-time high set last week. Stocks that flew in the frenzy around artificial-intelligence technology have slumped sharply and Bitcoin dropped more than 20 per cent from its record. On Friday, Nvidia rose 4 per cent following its 8.5 per cent tumble Thursday and was the strongest force lifting the S and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P 500. Early Monday, Bitcoin was trading at USD 92,760 after trading around USD 84,000 on Friday. Stocks rose following an economic report that included both positives and negatives. Inflation across the country cooled a bit as economists had expected, according to the measure that the Federal Reserve prefers to use. That's good news for the entire market because it could give the central bank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... leeway to continue cutting its main interest rate at some point later this year. The Fed has been keeping rates on hold so far this year after cutting them sharply late last year, in large part because of concerns about potentially stubborn inflation. Friday's report also said US households pulled back on their spending during January, likely undermining a major engine that has been staving of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f a recession despite high interest rates. Inflation is still high, even if it's not as bad as its peak from 2022, and a widespread worry is that tariffs and other policies announced by Trump could push prices for the cost of living even higher. Wall Street hopes that all the talk about tariffs are merely a tool Trump is using to negotiate with other countries and that he'll ultimately pull ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ck on them, which would mean less pain for the global economy than initially feared. But recent reports have nevertheless shown all the talk has already pushed US consumers to brace for much higher inflation in the future. At some point, such worries could drive their behaviour, which could drag on the economy even without tariffs. All the uncertainty around not only tariffs but also deregulat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and other potential moves could mean “if the market doesn't see Trump moving towards more market-friendly policies, the level of trust could continue eroding”, Bank of America economists wrote in a BofA Global Research report. Of course, much of January's drop in spending by US households could have been the simple result of painfully cold weather around the country and other anomalies. But ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it also followed several signals of slowing growth for the US economy, which closed 2024 running at a solid pace. In other dealings early Monday, US benchmark crude oil picked up 42 cents to USD 70.18 per barrel, while Brent crude, the international standard, was up 43 cents at USD 73.24 per barrel. The US dollar fell to 150.46 Japanese yen from 150.72 yen. The euro rose to USD 1.0420 from USD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.0402. (AP) PY PY X X X X Extracts X X X X X X X X Extracts X X X X
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