Technology shares fueled a climb of more than 1.5% in a gauge of Asian equities after the S&P 500’s biggest jump since June. European futures pushed higher and US contracts were in the green too, encouraged by a Netflix Inc. surge in extended trading on a smaller-than-expected subscriber loss.
The tech climb swept along Chinese firms following a report that regulators are wrapping up an investigation into ride-hailing giant Didi Global Inc. with a hefty fine — stoking hopes of an end to Beijing’s crackdown on the sector.
A dollar gauge has shed about 1% this week, underscoring waning haven demand for the greenback and a brighter mood in markets. Treasuries held a decline that’s taken the 10-year yield back above 3%.
The euro hovered around a two-week high against the dollar on the possibility of a bigger-than-expected European Central Bank interest-rate hike Thursday. Speculation that company earnings will hold up and that the Federal Reserve will avoid very aggressive monetary tightening is giving investors some hope.
Worries about a global downturn due to rising interest rates, Europe’s energy challenges and China’s Covid and property-sector woes are taking a back seat. “Stocks have been beaten down,” Kristina Hooper, chief global market strategist at Invesco, wrote in a note.
