The stock market across Asia are trading higher on Thursday on the back of a rally in the American market. The US dollar was down on falling inflation. It also lifted Asian currencies.
The market is moving upwards on cooling inflation in the US and the $3.5 trillion budget plan of president Biden getting the Congress nod. The plan is going to spend on rebuilding America’s ageing infrastructure. It boosted the stocks in the US and are supporting the sentiments across the globe.
The Nikkei 225 in Japan rose 0.58%, while the Topix was up 0.73%. In South Korea, the Kospi marginally rose. Meanwhile, stocks in China are trading marginally down as the authorities in China signalled that its clampdown efforts on the technology and education sector will continue for years.
On Wednesday, the US stocks closed on record highs as labour department data showed that inflation in July was down compared to June. It eased fears of earlier than expected increase in rates by the Federal Reserve.