Asian stock markets follow Wall Street higher

FILE - In this June 16, 2020, file photo, a sign for a Wall Street building is shown in New York.  Stocks are opening higher as Wall Street's tech-driven rally continues to notch gains. The benchmark S&P 500 was up 0.4% in the early going Wednesday, Sept. 2 and the tech-heavy Nasdaq rose 0.6%.  (AP Photo/Mark Lennihan, File)
FILE - In this June 16, 2020, file photo, a sign for a Wall Street building is shown in New York. Stocks are opening higher as Wall Street's tech-driven rally continues to notch gains. The benchmark S&P 500 was up 0.4% in the early going Wednesday, Sept. 2 and the tech-heavy Nasdaq rose 0.6%. (AP Photo/Mark Lennihan, File) (Copyright 2020 The Associated Press. All rights reserved)

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.