Asian shares advance after solid earnings and economic reports updates lift Wall Street

Audio By Carbonatix

BANGKOK (AP) — Shares bounced back Thursday in Asia after Wall Street got a boost from upbeat economic updates and a steady flow of quarterly reports from U.S. companies.

U.S. futures slipped and oil prices advanced.

In Tokyo, the Nikkei 225 gained 1.3% to 50,883.68.

Shares in Nissan Motor Co. shed 1.7% after the automaker said it was selling its headquarters building in Yokohama to raise cash. Nissan was due to report its earnings later in the day.

The Kospi in South Korea advanced 0.6% to 4,054.15 and Taiwan's Taiex was up 0.7%.

Hong Kong's Hang Seng jumped 2% to 26,465.76, while the Shanghai Composite index climbed 1% to 4,007.76.

Shares in autonomous driving companies Pony.ai and WeRide fell in their debut on the Hong Kong stock exchange. Pony.ai was down 13% while WeRide's shares fell 14.2%.

Cathay Pacific's shares climbed 4% after Qatar Airways announced it was selling its 9.57% stake in the Hong Kong-based carrier in a share buyback valued at $896 million.

On Wednesday, U.S. stocks gained ground with broad gains, reversing the prior day's dip. Much of the market's push and pull came from the technology sector, where several companies with huge values have an outsized influence over the market.

Google’s parent, Alphabet, jumped 2.4%, Broadcom rose 2%, and Facebook parent Meta Platforms rose 1.4%. They helped lead the way higher for the broader market. Their gains also helped counter losses from a few technology behemoths, including Nvidia and Microsoft.

Overall, the S&P 500 rose 0.4% and the Dow Jones Industrial Average picked up 0.5%. The Nasdaq composite rose 0.6%.

Company earnings and forecasts were once again a big focus for Wall Street, with results coming from a broad spectrum of industries.

The latest round of earnings offers Wall Street a source of information on consumers, businesses and the economy that is otherwise lacking amid the government shutdown. Important monthly updates on inflation and employment have ceased, leaving investors, economists and the Federal Reserve without a fuller picture of the economy.

There are still several informative private economic updates that Wall Street can review.

A monthly report from ADP showed that private payrolls rose more than expected in October. The report offers a partial glimpse into the job market, which has been generally weakening and raising broader concerns about economic growth.

A weaker job market remains a big concern for the Fed. The central bank cut its benchmark rate for the second time this year at its most recent meeting, in part to help bolster the economy amid a weakening job market. Lower interest rates can make a wide range of loans and credit less expensive, potentially promoting economic growth. But, lower rates can also add fuel to inflation, which could stunt economic growth.

Fed Chair Jerome Powell and several other Fed officials have expressed concerns about more rate cuts, as inflation remains stubbornly above the central bank's target of 2%. Consumer prices rose 3% in September.

The mix of a weaker job market and hot inflation leaves the Fed in a tough position.

The threat of tariffs also continues to hang over consumers and businesses. President Donald Trump's trade war with China, Canada and many other nations has been unpredictable, making it hard to measure the full impact of higher prices. The U.S. Supreme Court heard arguments Wednesday about the legality of the sweeping tariffs.

In other dealings early Thursday, U.S. benchmark crude gained 26 cents to $59.86 per barrel. Brent crude, the international standard, advanced 25 cents to $63.77 per barrel.

The U.S. dollar fell to 153.85 Japanese yen from 154.11 yen. The euro rose to $1.1510 from $1.1494.

___

AP Business Writer Damian J. Troise contributed.