Asian Shares Rise Amid Positive Market Sentiment

Asian shares experienced a significant boost as markets largely ignored faster-than-expected US producer price data. Additionally, the positive sentiment was fueled by the Federal Reserve’s less hawkish commentary, which provided reassurance to investors.

One contributing factor to this overall optimism was China’s sovereign wealth fund’s decision to purchase shares of the country’s largest banks. This move not only instilled confidence in the domestic market but also had a ripple effect on regional indices. As a result, stock benchmarks in Japan and South Korea saw an increase of at least 0.8%, effectively propelling MSCI’s Asian equity index towards a sixth consecutive day of gains. Furthermore, the Hang Seng Index experienced a significant surge, rising by up to 2.1%. This was primarily attributed to China’s state-owned Central Huijin Investment Ltd. increasing its stake in the nation’s biggest banks, marking the first occurrence of such an action since 2015.

In contrast, the price of oil witnessed a decline for the third consecutive day. This downfall completely offset the substantial surge observed on Monday, which followed Hamas’ attack on Israel.

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