Stock market today: Japan's Nikkei 225 hits new record close, as other world markets advance

BANGKOK (AP) — Japan’s benchmark Nikkei 225 surged Thursday to a record close of 40,913.65, while most other major world markets also advanced.

Investors worldwide are keen to see the Federal Reserve cut rates that it has been keeping at two-decade highs to slow growth and tame inflation, and hopes have been reviving that price pressures are easing enough to make that possible.

In early European trading, Germany's DAX rose 0.2% to 18,586.00 and the CAC 40 in Paris gained 0.8% to 7,694.52.

In London, the FTSE 100 was up 0.7% at 8,228.90. British voters were choosing a new government in a parliamentary election Thursday that is widely expected to bring the opposition Labour Party to power.

The future for the S&P 500 was up 0.1% while that for the Dow Jones Industrial Average gained 0.2%.

The Nikkei 225 gained 0.8% to 40,913.65, with buying of automakers' shares and other export oriented stocks pushing the benchmark to an all-time high. The Nikkei 225’s all-time high during intraday trading is 41,087.75, on March 22. Its previous record close was 40,888.43, also set on March 22.

The index surpassed its longstanding record of 38,915.87, set on Dec. 29, 1989, in February.

Toyota Motor Corp.’s shares jumped 2% and Honda Motor Co. climbed 3%. Nissan Motor Corp. rallied 4.5% and shares in computer testing equipment maker Advantest Corp. gained 2.1%.

Investors have piled into the Japanese market partly due to the cheapness of the Japanese yen, which is trading at 34-year lows against the dollar. A weak yen tends to push the profits of exporters higher when they are repatriated to Japan.

Changes in regulations on investment accounts have also boosted share purchases.

The Nikkei 225 index has gained 22.4% so far this year. The index surged in the late 1980s during Japan’s bubble economy, when asset prices soared. But it collapsed when that financial bubble imploded in early 1990.

Elsewhere in Asia, Hong Kong's Hang Seng recovered from early losses, rising 0.3% to 18,028.28, and the Shanghai Composite index shed 0.8% to 2,957.57.

Taiwan's Taiex jumped 1.5% as chip maker and market heavyweight Taiwan Semiconductor Manufacturing Corp. gained 2.7%.

In Australia, the S&P/ASX 200 surged 1.2% to 7,831.80, while the Kospi in Seoul advanced 1.1% to 2,824.94.

Bangkok's SET picked up 0.5%.

On Wednesday, U.S. stocks kept rising in a holiday-shortened session after weak reports on the economy kept the door open for possible cuts to interest rates.

U.S. markets are closed Thursday for the Independence Day holiday.

On Wednesday, the S&P 500 rose 0.5% to set an all-time high for a second straight day and for the 33rd time this year. It closed at 5,537.02. The Dow dipped 0.1% to 39,308.00, and the Nasdaq composite gained 0.9% to 18,188.30.

The hope on Wall Street is that the economy will soften by just enough to keep a lid on upward pressure on inflation, but not so much that it throws workers out of their jobs and triggers a recession.

A much more anticipated report will arrive on Friday, when the U.S. government will give its comprehensive update about how many workers employers added to their payrolls during June.

The yield on the 10-year Treasury dropped to 4.35% from 4.44% late Tuesday, a notable move for the bond market, and much of the slide came after the report on U.S. services businesses. It’s been generally sinking since April on hopes that inflation is slowing enough to get the Federal Reserve to lower its main interest rate from the highest level in more than two decades.

In other dealings early Thursday, U.S. benchmark crude oil gave up 41 cents to $83.47 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, lost 35 cents to $86.99 per barrel.

The U.S. dollar fell to 161.23 Japanese yen from 161.67 yen, reflecting expectations that U.S. interest rate cuts might narrow the gap in rates with Japan, where the benchmark lending rate is near zero.

The euro rose to $1.0799 from $1.0787.

A passerby walks past an electronic stock board showing Japan's Nikkei 225 index, right, at a securities firm Thursday, July 4, 2024 in Tokyo. Japan’s Nikkei 225 benchmark closed Thursday at a fresh record high of 40,913.65, pushing past its most recent record close set in March. (Kyodo News via AP)

A passerby walks past an electronic stock board showing Japan's Nikkei 225 index, center, at a securities firm Thursday, July 4, 2024 in Tokyo. Japan’s Nikkei 225 benchmark closed Thursday at a fresh record high of 40,913.65, pushing past its most recent record close set in March. (Kyodo News via AP)

The New York Stock Exchange is seen on Wednesday, July 3, 2024, in New York. Wall Street is leaning toward minuscule gains before the bell ahead of the Fourth of July holiday. (AP Photo/Peter Morgan)

A passerby walks past an electronic stock board showing Japan's Nikkei 225 index, center, at a securities firm Thursday, July 4, 2024 in Tokyo. (AP Photo/Shuji Kajiyama)

A passerby walks past an electronic stock board showing Japan's Nikkei 225 index, right, at a securities firm Thursday, July 4, 2024 in Tokyo. (AP Photo/Shuji Kajiyama)

A passerby walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, July 4, 2024 in Tokyo. (AP Photo/Shuji Kajiyama)

PRETORIA, South Africa (AP) — South Africa ended eight years of hurt at the hands of Ireland when it won their No. 1-vs.-No. 2 showdown 27-20 at Loftus Versfeld on Saturday.

They met only three previous times in those eight years, and Ireland gave South Africa its only loss at the Rugby World Cup last year, but the record niggled the Springboks, who have tagged this two-test series "Unfinished Business."

The world champion Springboks deserved to underline their top-dog status, but their second most capped team in history was squeezed of every drip of experience. They had luck and got the rub of Television Match Official Ben Whitehouse.

With the game on a knife edge, Whitehouse found reason to rule out a try for Ireland's James Lowe, and confirm a try for South Africa's Cheslin Kolbe when he couldn't see if Lowe stepped in touch beforehand.

Kolbe's converted try made it 20-8 but, in a frantic last six minutes, Ireland had a try attempt ruled out, scored a minute later through Conor Murray and closed to within five again. But then South Africa's five-meter scrum obliterated Ireland's and referee Luke Pearce awarded a penalty try and the Springboks' victory was finally secured.

Both teams finished with a man in the sin-bin.

Ireland, trying to win in South Africa for only the second time in 118 years, has another chance in Durban next weekend to square the series.

South Africa scored the first points inside four minutes remarkably easily. They spread the ball wide, captain Siya Kolisi gave Kurt-Lee Arendse an overlap, and the wing burned off the cover to the tryline. Handre Pollard converted.

Ireland tried to match it straight away from a tapped penalty but Joe McCarthy knocked on. They still left the 22 with a Jack Crowley penalty.

Kolisi flattened center Robbie Henshaw in such a big carry that referee Pearce was moved to stop play to let Henshaw be medically checked. He carried on.

Pollard nailed consecutive penalties for 13-3 but Ireland finished the half on top. Spreading the ball, hooker Dan Sheehan's backflip found Lowe, who stood in Kolbe's touchline tackle to offload to fullback Jamie Osborne to dive over in his test debut for 13-8. Osborne, despite being out of position, excelled.

South Africa sent in the ‘Bomb Squad’ in the 58th minute, replacing the tight five and Kolisi, and made a noticeable lift in energy.

But Ireland appeared to score next when Jesse Kriel was turned over and Lowe got the ball. He slipped Malcolm Marx and fended off Pollard to scream in. But the try was ruled out when Ronan Kelleher was deemed to have hooked the ball with his leg in the Kriel ruck.

Ireland got a break when Pollard, a 77% test goalkicker, missed a third straight penalty attempt, but scrumhalf Craig Casey was taken off on a stretcher after his head slammed the rock-hard ground in a RG Snyman tackle.

Lowe tried to keep a South Africa penalty kick from going out 35 meters from his tryline, but his fling inside was reached first by Kolbe, who won the race to the ball in goal. The try stood when TV angles couldn't show Lowe stepped in touch before releasing the ball.

Ireland upped the desperation, and Arendse was forced to the sin-bin. No. 8 Caelan Doris was held up between the posts but, moments later, replacement front-rowers Finlay Bealham and Kelleher worked Murray clear to dive between the posts. Ireland was back within five with four minutes to go.

But South Africa's scrum got the penalty try and Kelleher joined Arendse in the sin-bin.

AP rugby: https://apnews.com/hub/rugby

Ireland's Craig Casey, centre, kicks the ball out of play during a test match between South Africa and Ireland at Loftus Versfeld stadium in Pretoria, South Africa, Saturday, July 6, 2024. (AP Photo/Themba Hadebe)

South Africa's Ox Nche, centre, is tackled by Ireland's Jack Crowley, left, and his teammate Josh van der Flier during a test match between South Africa and Ireland at Loftus Versfeld stadium in Pretoria, South Africa, Saturday, July 6, 2024. (AP Photo/Themba Hadebe)

South Africa's Pieter-Steph du Toit, top, is tackled by Ireland's James Lowe during a test match between South Africa and Ireland at Loftus Versfeld stadium in Pretoria, South Africa, Saturday, July 6, 2024. (AP Photo/Themba Hadebe)

South Africa's Kurt-Lee Arendse, right, runs to score a try during a test match between South Africa and Ireland at Loftus Versfeld stadium in Pretoria, South Africa, Saturday, July 6, 2024. (AP Photo/Themba Hadebe)