Asian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower in the S&P 500’s worse losing streak since the start of the year.Tokyo’s Nikkei 225 climbed 0.3% to 38,079.70 and the Hang Seng in Hong Kong gained 1.3% to 16,468.07.South Korea’s Kospi led the region’s gains, surging 2.2% to 2,642.02.On Wednesday, the S&P 500 lost 0.6%, to 5,022.21. It’s down 4.4% since setting a record late last month.
Sharp tumbles for oil prices lessened investors’ worries about inflation, which in turn helped Treasury yields ease. High interest rates hurt prices for investments and increase the risk of a recession, but Fed officials are concerned after a string of reports this year has shown inflation remaining hotter than forecast.
Travelers slumped 7.4% after the insurer’s quarterly results fell short of forecasts. It had to contend with more losses from catastrophes.