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Wednesday, December 7, 2022

Asian shares advance, shrugging off Wall Street retreat

BANGKOK — Hong Kong jumped more than 5% and other Asian markets also rose Tuesday after Wall Street declined and a survey showed Chinese manufacturing improved.

Oil prices rose more than $1.10 per barrel while the euro gained but stayed below $1.

The monthly manufacturing gauge from Caixin, a Chinese business news magazine, helped to counter renewed concerns about coronavirus outbreaks. It showed activity declined in October but a slower rate than the previous month.

The Hang Seng index in Hong Kong surged 5.1% to 15,441.77 and the Shanghai Composite Index gained 2% to 2,940.75. The Nikkei 225 in Tokyo added 0.3% to 27,678.92.

The Kospi in Seoul jumped 1.8% to 2,335.22 and Sydney’s S&P-ASX 200 gained 1.6% to 6,976.90.

India’s Sensex opened up 0.6% at 61.124.72. New Zealand declined while Southeast Asian markets advanced.

On Wall Street, the benchmark S&P 500 index closed down 0.7% at…

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