Global Markets Rally as Asian Shares Soar on Strong China Data

Asia-Pacific markets rose as China's August economic data, including retail sales and factory output, beat expectations. Hong Kong's Hang Seng index rebounded 1.3%, while Japan's Nikkei 225 climbed 1.34%. Shares of Softbank surged over 3% after Arm, the chip design firm it controls, had a successful Nasdaq debut. In the US, all three major indexes ended higher as core producer price index climbed by 0.2% in August. Oil prices rallied to a 10-month high following better-than-expected China data. YG Entertainment's stock tumbled almost 9% after reports that Blackpink's Lisa rejected a contract renewal offer. Financial giants Goldman Sachs, JPMorgan Chase, and Morgan Stanley saw their shares rise amid the return of large IPOs. Barclays revealed top picks and "names that screen poorly" in global tech, while wholesale inflation data for August came in hotter than expected. Energy stocks climbed on the back of higher oil prices, and the S&P 500 had a broad-based advance with the energy sector outperforming.