Asian markets rose in early trading Thursday, following record closing highs for U.S. stocks in a shortened trading day.
The Dow Jones Industrial Average
rose 179.32 points, or 0.7%, at 26,966, it’s first record close since Oct. 3, while the S&P 500 index
set its third-straight record close, rising 22.81 points, or 0.8% to 2,995.82. The Nasdaq Composite index
ended the day at an all-time high of 8,170.23, adding 61.14 points , or 0.8%. U.S. markets will be closed Thursday for Independence Day.
Investors cheered signs that global monetary policy will become more stimulative in the months ahead, after International Monetary Fund Managing Director Christine Lagarde was nominated to replace Mario Draghi as the head of the European Central Bank. Also, President Donald Trump said he would nominate Christopher Waller, the research director at the St. Louis Fed, and Judy Shelton, the U.S. executive director for the European Bank of Reconstruction and Development, for influential posts on the Federal Reserve’s Board of Governors. Shelton has backed interest-rate cuts, and Waller is an easy-money advocate.
On the trade-war front, White House economic adviser Larry Kudlow said Wednesday that high-level U.S. and Chinese negotiators would talk on the phone next week to set up a new round of face-to-face meetings.
rose 0.2% and Hong Kong’s Hang Seng Index
gained 0.3%. The Shanghai Composite
and the smaller-cap Shenzhen Composite
hovered about flat. South Korea’s Kospi
fell 0.2%. Benchmark indexes in Taiwan
gained slightly, while Indonesian stocks
were about flat. Australia’s S&P/ASX 200
Among individual stocks, SoftBank
gained in Tokyo trading, as did Inpex
, while Fast Retailing
declined. In Hong Kong, Sino Biopharmaceutical
and Galaxy Entertainment
rose, while AAC
and Sunny Optical
inched up in South Korea, as did Taiwan Semiconductor
in Taiwan. Westpac
and National Australia Bank
gained in Australia.