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5) Cindy Yu: China’s stagnating economy has forced Xi Jinping into a humiliating global retreat | Beijing’s slowing growth is bringing it back to the negotiating table
What happened overnight Asian shares mostly rose after a firm finish on Wall Street, as expectations remained solid for US interest rate cuts this year.
There was also action in commodities as gold reached another record, oil a five-month peak and copper a 13-month top, helping lift shares in basic materials and energy companies.
Japan’s benchmark Nikkei 225 jumped 1.7pc to 40,120.11. Sydney’s S&P/ASX 200 rose 0.4pc to 7,813.80.
South Korea’s Kospi added 0.8pc to 2,728.82. Hong Kong’s Hang Seng declined 1.2pc to 16,725.10, and the Shanghai Composite slipped nearly 0.2pc to 3,069.30.
Analysts say Taiwan Semiconductor Manufacturing Co’s (TSMC) facilities may get quicker-than-expected relief — easing concerns about production halts — after a powerful earthquake struck Wednesday, killing at least nine people.
Trading was closed in Taiwan on Thursday and Friday for national holidays.
American stocks performed slightly better on Wednesday, a day after their worst drop in weeks.
The S&P 500 inched up by 0.1pc, to 5,211.49. The Dow Jones Industrial Average of 30 leading US companies slipped 0.1pc, to 39,127.14, and the Nasdaq Composite index added 0.2pc, to 16,277.46.
In the bond market, Treasury yields fell. The 10-year yield slipped to 4.34pc from 4.36pc late on Tuesday.
Asian shares rallied on Thursday while the yen slid against everything except the dollar and boosted Japanese stocks.