Asian Markets Extend Rally on U.S. Profits Data
By wchung | 23 Mar, 2026

Asian stocks extended their rise Thursday after better-than-expected earnings reports from U.S. companies helped push the Dow Jones industrial average pass the 10,000 mark for the first time in a year. European shares were mixed.

Thailand bucked Asia’s advance as worries about the health of the country’s 81-year-old king sent the stock market plunging over 8 percent at one point.

The dollar, meanwhile, pared its early losses, but not before hitting another low against the euro. That helped boost commodity prices and shares in oil companies during the day, with crude trading at its highest point this year near $76 a barrel.

It marked the third straight session of gains in Asia as a combination of the weakening dollar, massive liquidity and economic improvements pulled more investors into the market.

Wall Street brought more encouragement overnight as the Dow broke through the psychological five-digit barrier for the first time since October 2008, a milestone that added to belief in the turnaround. It was driven partly by third-quarter earnings reports from chip maker Intel Corp. and banker JPMorgan Chase & Co.

“There was a feeling of euphoria, that we’ve been waiting for that to happen,” said Francis Lun, general manager of Fulbright Securities Ltd. in Hong Kong.

In early trade in Europe, Britain’s FTSE-100 was lower by 0.3 percent, while benchmarks in Germany and France rose 0.1 percent.

In Japan, the Nikkei 225 stock average gained 178.44 points, or 1.8 percent, to 10,238.65, and Hong Kong’s benchmark added 112.60, or 0.5 percent, to 21,999.08, hitting a new high for the year during trade.

South Korea’s Kospi edged up 0.6 percent, while markets in mainland China and Taiwan also were higher.

Australia’s stock market and currency made further gains amid rising confidence about its resource-driven economy, with the benchmark stock index up 0.6 percent. On Thursday, the country’s central bank chief said the worst of the global financial crisis is probably over for Australia and suggested more rises in interest rates to contain the threat of inflation.

Oil prices rose in Asia on growing investor optimism about an economic recovery and as the U.S. dollar sank further. Benchmark crude for November delivery was up 53 cents to $75.71, the highest since October 2008. The contract added $1.03 overnight.

The dollar rose to 89.62 yen from 89.34 yen. The euro rose to $1.4942 from $1.4933.

On Wednesday, the Dow rose 144.80, or 1.5 percent, to 10,015.86, its biggest gain since Aug. 21 and highest close since Oct. 3 last year.

10/15/2009 4:51 AM JEREMIAH MARQUEZ, AP Business Writer HONG KONG