TOKYO (AP) — Asian shares mostly rose Wednesday, tracking a rally on Wall Street following a report that showed U.S. inflation was not as bad last month as economists expected. South Korea’s Kospi surged 7.1% to 7,343.37 as prices rebounded from a recent sell-off in semiconductor stocks. Japan’s benchmark Nikkei 225 rose 0.9% to 68,353.91. Australia’s S&P/ASX 200 rose 0.2% to 8,830.00. Hong Kong’s Hang Seng edged up 1.6% to 24,721.10, while the Shanghai Composite lost 0.4% to 3,952.04. The Chinese economy expanded at a 4.3% annualized pace in April-June, slowing sharply from 5% in the first quarter of the year, the government reported. Stock price gains overall were moderate given worries that the United States and Iran may return to an all-out war. That has pushed oil prices higher. Investors are also watching for earnings reports from various companies for the spring.Renewed attacks have raised the risks of further disruptions of transport of oil and gas through the Strait of Hormuz.
In energy trading, benchmark U.S. crude rose 86 cents to $80.20 a barrel. Brent crude, the international standard, gained $1.15 to $85.88 a barrel. “The U.S.-Iran Memorandum of Understanding signed last month has proved to be anything but. The two sides are once again exchanging military strikes, and they hold completely different views on the state of affairs in the Strait of Hormuz,” said Tim Waterer, chief market analyst at KCM Trade.
