Asian stocks ended broadly higher on Thursday as investors reacted to Fed Chair Jerome Powell's dovish comments and U.S. President Joe Biden's congressional speech about increasing taxes on the rich. Japanese markets were closed for Showa Day.
Chinese shares fluctuated before finishing higher after Biden said he told Chinese President Xi that "we welcome the competition - and that we are not looking for conflict." Biden also said he didn't seek worse relations with Russia.
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Market Analysis
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.