Asian shares mostly rise, taking cue from Wall Street gains

In this Sept. 25, 2017 photo, people are reflected on an electronic board of a securities firm in Tokyo. Asian shares were mostly higher Thursday, Oct. 12, 2017, taking their cue from the latest record highs on Wall Street. Chinese investors are holding back ahead of a key communist party meeting next week. (AP Photo/Koji Sasahara)

TOKYO — Asian shares advanced Thursday, taking their cue from the latest record highs on Wall Street. Chinese investors are holding back ahead of a key communist party meeting next week.

KEEPING SCORE: Japan's benchmark Nikkei 225 added 0.5 percent in early trading to 20,988.06. Australia's S&P/ASX 200 gained 0.2 percent to 5,785.10. South Korea's Kospi rose 0.3 percent to 2,464.88. Hong Kong's Hang Seng advanced 0.2 percent to 28,464.38, while the Shanghai Composite dipped 0.2 percent to 3,382.49.

WALL STREET: The Standard & Poor's 500 index gained 0.2 percent to 2,555.24. The Dow Jones industrial average also rose 0.2 percent, to 22,872.89, and the Nasdaq composite climbed 0.2 percent to 6,603.55. All three indexes finished at all-time highs.

JAPAN RALLY: Japan's Nikkei 225 index has closed at 21 year highs over the past few days, lifted by optimism over the latest economic data and anticipation of strong corporate results in the upcoming quarterly reporting period. Expectations are rising that an Oct. 22 nationwide election for the more powerful lower house of Parliament will reinforce a strong majority for Prime Minister Shinzo Abe's ruling Liberal Democrats, who favor tax cuts for corporations.

THE QUOTE: "Markets expect good results from the upcoming earning seasons and investors are putting bets on Prime Minister Shinzo Abe's victory in the upcoming election," says Jane Fu, sales trader at CMC Markets in Singapore.

ENERGY: Benchmark U.S. crude oil lost 26 cents to $51.04 a barrel. It rose 38 cents to $51.30 a barrel overnight in New York. Brent crude, used to price international oils, fell 31 cents to $56.63 a barrel in London.

CURRENCIES: The dollar rose to 112.41 yen from 112.26 yen. The euro rose to $1.1874 from $1.1819.

___

AP Business Writer Yuri Kageyama can be reached at https://twitter.com/yurikageyama

Her work can be found at https://www.apnews.com/search/yuri%20kageyama

Other News

Global stocks drift lower as investors await US data

Aug 16, 2016

Shares were lower across global markets on Tuesday in sluggish trading, while oil prices resumed gains

Hong Kong airline Cathay's 1H profit tumbles 82 percent

Aug 17, 2016

Cathay Pacific Airways' profit tumbled in the first half of the year as economic weakness in China and other important markets cut passenger demand while it faced cutthroat competition from rivals

Target cuts outlook as it sees fewer customers in stores

Aug 17, 2016

Target cut its profit forecast and a key sales outlook amid stiffer competition and its own stumbles in areas like groceries

The Budget Report seeks to provide comprehensive coverage and analysis on the current economic, financial issues around the world. First hand finance and economic news all day, every day.

Contact us: sales@thebudgetreport.com