A general view of the Shanghai Securities Exchange building is shown on July 16, 2024 in Shanghai, China.
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SINGAPORE – Asia-Pacific markets ended higher on Thursday, following gains on Wall Street. S&P 500 And Dow Jones Industrial Average Investors shrug off geopolitical concerns and hit new highs.
Australia’s S&P/ASX 200 rose 0.43% to 8,223 points. South Korea’s KOSPI rose 0.34% to 2,603.25, while the small-cap KOSTK closed 0.22% lower at 776.52.
of Japan Nikki 225 The broader-based Topix ended up 0.26% at 39,380.89, up 0.2% at 2,71267.
Traders in Asia evaluated the September data Manufacturer price in Japan This is an increase of 2.8% over last year. Economists polled by Reuters had forecast inflation to rise to 2.3% from 2.5% in August.
Investors are valuing the quarterly earnings report from Japanese retailer Seven & I Holdings. Amended Purchase Offer From Alimentation Couche-Tard.
Seven&I lowered its operating profit outlook and net profit forecast for the 12 months to the end of February. Shares of Seven & I ended the trading day down 0.43% on Thursday.
Mainland CSI 300 rose 1.06% to 3,997.78, while Hong Kong’s Hang Seng Index Up 3% in the last hour of trading.
China’s central bank said it has begun accepting applications from financial institutions to join a newly created liquidity facility — initially valued at 500 billion yuan ($70.7 billion) — that will provide easier access to capital for the stock market.
The rebound in Chinese stocks comes after a market rally stalled on Wednesday. The CSI 300 broke a 10-day winning streak and fell 7%. The rally was triggered by government stimulus measures at the end of September.
China’s Ministry of Finance will hold a press conference on October 12, during which they may provide more insights on fiscal policy and economic development.
Speaking to “Street Science Asia” on Thursday, Chetan Ahya, chief Asia economist at Morgan Stanley, said Beijing should announce a 10 trillion yuan ($1.4 trillion) fiscal stimulus to focus on boosting consumption to create a sustainable turnaround in investor confidence. .
“We’re not saying they will, but we think they’ll need something like this to get the economy out of deflation,” Ahya said.
Overnight in the US, the S&P 500 rose 0.71% to end at 5,792.04. The Nasdaq Composite rose 0.6% to end at 18,291.62.
Wall Street held on to its gains after the release of minutes from the Federal Reserve’s September meeting, which cut by half a percentage point, with “a substantial majority of participants” favoring a cut in interest rates.
The strong trading day came despite lingering fears of a wider war in the Middle East, as Israel promised. Conduct a retaliatory strike against Iran.
The U.S. Bureau of Labor Statistics will release its September data on consumer prices on Thursday morning, with U.S. economists polled by Reuters expecting inflation to hold steady at 3.2% on a year-over-year basis.
— CNBC’s Samantha Subin and Sarah Min contributed to this report.
