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Friday, March 29, 2024

Asian shares rally after Wall Street logs rare winning week

BANGKOKAsian shares advanced Monday after Wall Street ended a rare winning week, capped by a 3.1% gain on Friday for the benchmark S&P 500. U.S. futures and oil prices also were higher.

Optimism over China’s progress in controlling coronavirus outbreaks, as schools and businesses reopen, was also fueling buying, analysts said.

Stocks climbed last week as pressure from rising Treasury yields let up somewhat and investors speculated the Federal Reserve may not have to be as aggressive about raising interest rates as earlier thought as it fights to control inflation. That gave Wall Street a reprieve from its recent tumbles.

Hong Kong’s Hang Seng index led regional gains, surging 2.8% to 22,326.53, while the Nikkei 225 in Tokyo gained 1% to 26,768.77. In South Korea, the Kospi climbed 1.9% to 6,706.40.

Australia’s S&P/ASX 200 added 1.9% to 6,706.40 while the Shanghai Composite index…

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