TOKYO (AP) — Asian shares mostly rose in early Friday trading, getting a lift from a rally on Wall Street as well as declining oil prices.
asserted
shares → rise → Street
Japan’s benchmark Nikkei 225 gained 1.9% to 65,332.57 after the Bank of Japan raised the benchmark interest rate to 1.25% from 1.0%, a 31-year high.
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Bank → gain → %
The move had been widely figured in, coming after the Federal Reserve also raised its key rate this week.
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Reserve → figure → rate
Pressures have been coming from the U.S. for Japan to raise rates because of concerns about the weakening yen.
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Japan → come → yen
The nations intervened together recently to prop up the yen.
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nations → intervene → yen
But the efforts haven’t had a big impact.
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efforts → have → impact
In currency trading, the U.S. dollar rose to 157.11 Japanese yen from 155.95 yen.
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dollar → rise → yen
The euro cost $1.1487, up from $1.1480.
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euro → cost → 1.1480
South Korea’s Kospi jumped 2.3% to 6,866.83.
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Kospi → jump → 6,866.83
Australia’s S&P/ASX 200 was little changed, slipping less than 0.1% to 8,731.50.
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S&P → slip → 8,731.50
Hong Kong’s Hang Seng edged up nearly 0.7% to 24,769.80, while the Shanghai Composite added 1.0% to 3,916.08.
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Composite → edge → 3,916.08
Falling oil prices and easing pressure from the bond market helped Wall Street reverse many of its losses from the prior day.
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Street → fall → day
The S&P 500 jumped 1.1% for just its second rise in the last nine days.
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S&P → jump → days
The Dow Jones Industrial Average added 316 points, or 0.6%, and the Nasdaq composite climbed 1.7%.
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composite → add → points
Wall Street stocks got a boost after the price for a barrel of Brent crude oil slid from the nearly $110 it reached earlier in the week on worries that the war with Iran will keep oil bottled up in the Middle East instead of going to customers worldwide.
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war → get → customers
In Asian trading, Brent, the international standard, lost 0.94% to $103.83 a barrel.
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Brent → lose → 103.83
Benchmark U.S. crude slid 0.83% to $101.06 a barrel.
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crude → slide → 101.06
Brent is still more expensive than the $72 per barrel that it cost earlier this summer, but the recent drop helped pull yields lower in the bond market and removed some pressure on stocks.
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drop → cost → stocks
The yield on the 10-year Treasury fell to 4.93% from 5.01% late Wednesday.
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yield → fall → %
The Federal Reserve on Wednesday raised the short-term interest rate that it controls, the federal funds rate, by a quarter of a percentage point for its first hike in more than three years.
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it → raise → years
Officials also signaled they may raise the federal funds rate one more time this year as they try to get high inflation in the U.S. under control.
uncertain
they → signal → control
The signals sent Wall Street on a roller coaster.
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signals → send → coaster
Stocks initially remained higher for the day after the Fed made its announcement Wednesday.
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Fed → remain → announcement
They then slid sharply before recovering a chunk of the losses before trading ended.
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trading → slide → losses
On the upside for markets, the shift to higher interest rates built confidence that the Fed is committed to getting inflation back to its target of 2%.
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Fed → build → %
On the downside for markets, higher rates undercut prices for stocks and other investments.
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rates → undercut → stocks
All told, the S&P 500 rose 85.95 points to 7,637.76.
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S&P → tell → 7,637.76
The Dow Jones Industrial Average gained 316.14 to 51,778.04, and the Nasdaq composite rallied 439.87 to 26,418.30.
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composite → gain → 26,418.30
AP Business Writer Stan Choe contributed to this report.
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Choe → contribute → report
The Aporia
