Asian stocks gain after optimism about AI sends Wall Street higher
ABC News
Asian shares are mostly higher, with Japan’s benchmark hitting a record high, as investors were cheered by an overnight Wall Street rally that seemed to reflect optimism about the artificial-intelligence boom
TOKYO -- Asian shares mostly rose in Wednesday morning trading, with Japan's benchmark hitting a record high, as investors were cheered by an overnight Wall Street rally that seemed to reflect optimism about the artificial-intelligence boom.
Japan's benchmark surged 1.3% to 58,081.62. That came despite China's move the previous day to restrict exports to 40 Japanese companies and organizations it says are contributing to Japan’s “remilitarization.”
The reaction was varied with the prices of some listed companies rising, like Subaru Corp. and Mitsubishi Materials Corp., while others slipped, including Eneos Corp. and Sumitomo Heavy Industries.
Analysts said the declining yen worked to boost export shares, such as Honda Motor Co. and Panasonic Corp. The U.S. dollar slipped to 155.78 Japanese yen from 155.83 yen. The dollar traded close to 160 yen levels several months ago. The euro cost $1.1784, up from $1.1779.
Australia's S&P/ASX 200 jumped 1.1% to 9,122.50. South Korea's Kospi surged 1.7% to 6,069.36. Hong Kong's Hang Seng rose 0.3% to 26,668.83, while the Shanghai Composite added 0.7% to 4,147.68.
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