Asian shares gain as most regional markets stay closed

Shares in Asia were higher on Wednesday, with Japan’s benchmark gaining more than 1 per cent after a quiet finish for US stocks. Most markets in Asia stayed closed for Lunar New Year holidays. US futures climbed slightly and oil prices also edged higher.

In Tokyo, the Nikkei 225 added 1.2 per cent to 57,249.43 by midday as lawmakers reappointed SanaeTakaichi as prime minister following a landslide victory for her ruling Liberal Democrats in a February 8 election. Technology companies led the advance, with computer chipmaker Tokyo Electron gaining 3.5 per cent. Japan reported its exports jumped nearly 17 per cent in January from a year earlier. The jump was partly driven by seasonal factors, but the AI boom also boosted shipments of computer chips and other components.

Shares in technology and energy giant SoftBank Group fell 2.8 per cent, extending a more than 5 per cent loss on Tuesday, after the administration of US President Donald Trump announced that its subsidiary SB Energy will participate in a $33 billion natural gas facility, said to be the world’s largest, near Portsmouth, Ohio.

That agreement is part of Japan’s commitment of $550 billion in US investments as part of a trade deal that raised tariffs on Japanese exports to the United States by 15 per cent.

In Australia, the S&P/ASX 200 closed 0.5 per cent higher at 9,007.00, while India’s Sensex was flat. In Bangkok, the SET advanced 0.6 per cent. On Tuesday, US stocks flipped between gains and losses. The S&P 500 rose 0.1 per cent and the Dow Jones Industrial Average added 0.1 per cent.

The Nasdaq composite gained 0.1 per cent. Paramount Skydance helped lead the market, gaining 4.9 per cent after Warner Bros Discovery said it would allow Paramount a chance to give its “best and final” bid to buy the entertainment company.

Paramount is trying to top an offer from Netflix. Warner Bros Discovery rose 2.7 per cent, and Netflix added 0.2 per cent. On the losing end of Wall Street was General Mills, which sank 7 per cent after the company behind Cheerios and Pillsbury warned that its customers are feeling uneasy.

Several surveys have recently shown weakening confidence among US households as they struggle with inflation that remains higher than anyone would like, a lackluster job market and worries about tariffs.

Drops for some Big Tech stocks were the heaviest weights on the market Tuesday, including a 1.2 per cent fall for Alphabet.

The moves were tentative, though, and Nvidia swung between being one of the market’s heaviest weights and one of its biggest strengths. Stocks of software and other companies have tumbled as investors hunted for companies that could be potential losers if AI ends up remaking the world and their industries.