Stock market today: Asian shares climb, tracking advance on Wall Street in final week of 2023

Asian markets rose on Wednesday, following gains on Wall Street as U.S. markets resumed trading for a quiet, holiday-shortened week. U.S. futures indicated higher openings, and oil prices remained stable.

In Tokyo, the Nikkei 225 climbed 1.2% to 33,681.24, driven partly by discussions at a Bank of Japan policy meeting where officials debated the timing and necessity of shifting away from long-standing monetary policies.

Hong Kong’s Hang Seng index advanced 1.9% to 16,661.00, while the Shanghai Composite in mainland China added 0.6% to 2,915.05. Chinese gaming giants Tencent and NetEase rebounded after initial losses sparked by regulatory concerns over gaming revenue guidelines.

NetEase surged 10.4% in Hong Kong after a 5.2% rise in its Nasdaq-listed shares. Tencent gained 5.9%, and Bilibili rose 7.5%.

Elsewhere, Seoul’s Kospi rose 0.4% to 2,613.50, and Sydney’s S&P/ASX 200 was up 0.8% at 7,561.20. Bangkok’s SET edged down marginally, while Mumbai’s Sensex climbed 0.7%.

On Wall Street, the S&P 500 closed up 0.4% at 4,774.75, nearing its all-time high set nearly two years ago. The Dow Jones gained 0.4% to 37,545.33, and the Nasdaq rose 0.5% to 15,074.57 in light post-Christmas trading. Technology and industrial stocks led the gains, with notable rises in Intel and Caterpillar shares.

Energy stocks also advanced as U.S. crude oil prices rose 2.7%, lifting Hess among others.

Treasury yields showed mixed movements, with the 10-year yield holding steady at 3.90%.

In corporate news, Bristol-Myers Squibb announced a $4.1 billion acquisition of RayzeBio, impacting share prices differently for each. HollySys Automation Technologies surged after a buyout offer, while Stratasys saw a rise following a revised bid from Nano Dimension.

Gracell Biotechnologies soared 60.3% after agreeing to be acquired by AstraZeneca.

As 2024 draws to a close, the S&P 500 has gained over 24% for the year, and the Nasdaq has risen by 44%. Investor sentiment remains buoyed by declining inflation reports amid strong economic indicators, even as the Federal Reserve navigates interest rate policies to balance economic growth with inflation control.

In early trading on Wednesday, U.S. benchmark crude oil was steady at $75.53 per barrel, while Brent crude gained slightly to $80.93 per barrel. The U.S. dollar strengthened against the yen and euro in forex trading.