TOKYO – Asian stock markets rose Thursday after Wall Street turned in its biggest daily gain since July despite uncertainty about the global outlook.
Benchmarks in Shanghai, Tokyo, Seoul and Sydney all advanced.
Wall Street's benchmark S&P 500 index gained 1.5% on Wednesday after a report on hiring that some analyst said might indicate the U.S. job market recovery could be fading.
Investors have been encouraged by central bank infusions of credit into struggling economies and hopes for a vaccine to end the coronavirus pandemic that has plunged the world into its deepest slump since the 1930s. Forecasters warn the stock market recovery might be running too far ahead of economic activity as the United States and some other countries reimpose anti-virus controls that hamper business.
“The irony of market exuberance is rich,” said Mizuho Bank in a report. “Record highs on Wall St make a mockery of policymakers grasping for recourse to the worst downturn in decades.”
The Shanghai Composite Index rose 0.2% to 3,413.13 while the Nikkei 225 in Tokyo gained 1.3% to 23,556.26. The Hang Seng in Hong Kong added 0.2% to 25,189.24.
The Kospi in Seoul advanced 1.5% to 2,399.23 and Sydney's S&P-ASX 200 was up 1% at 6,127.60.
New Zealand gained while Singapore and Jakarta retreated.