Asian Markets Rise As Nvidia Leads Wall St rally

Tokyo: Asian shares mostly rose Tuesday, deriving optimism from rising technology stocks on Wall Street, led by Nvidia.Japan's benchmark Nikkei 225 jumped 2.2 per cent to 40,164.53. Australia's S&P/ASX 200 edged up 0.3 per cent to 8,285.10. South Korea's Kospi added 0.4 per cent to 2,497.75. Hong Kong's Hang Seng index slid 1.9 per cent to 19,316.53 as shares in technology and games company Tencent plunged 7.8 per cent after it was hit by US sanctions.

The Shanghai Composite edged 0.1 per cent higher to 3,209.94. Nippon Steel, whose attempt to take over US Steel is being blocked by the Biden administration, slid 1.5 per cent in Tokyo trading, shortly after its chief executive vowed to keep pushing the deal.

US Steel climbed 8.1 per cent overnight after it and Japan's Nippon Steel filed a federal lawsuit challenging President Joe Biden's decision to block a proposed nearly $15 billion deal for Nippon to buy its Pittsburgh-based rival. The suit, filed in the US Court of Appeals for the District of Columbia, alleges it was a political decision.

Japanese leaders have also said there is scant evidence the merger poses a security concern for the US. Investors are also watching for possible policy changes under incoming President Donald Trump, whose term is beginning soon, said Stephen Innes, managing partner at SPI Asset Management. "The convergence of these financial indicators points to a heightened alert among traders, who carefully calibrate their strategies for potential shifts in policy and economic directives that the new administration may bring," he said.

US indexes recovered more of a holiday-season slide that bridged the new year. The S&P 500 added 0.6 per cent to 5,795.38 for a second straight gain following five straight losses, its longest losing streak since April.