Asia-Pacific Markets Open Mostly Higher Following Wall Street Gains

Asia-Pacific Markets Open Mostly Higher Following Wall Street Gains

Asia-Pacific markets opened mostly higher on Thursday, following gains on Wall Street that saw the S&P 500 and Dow Jones Industrial Average reach new records as investors shook off geopolitical concerns.

In early trade, Australia’s S&P/ASX 200 was up 0.1%, South Korea’s Kospi jumped 0.5%, while the small-cap Kosdaq was down 0.4%. Japan’s Nikkei 225 was trading up 0.3%, while the broad-based Topix gained 0.2%.

Traders in Asia were assessing September data on producer prices in Japan, which rose 2.8% from a year ago, exceeding economists’ expectations. Japanese retailer Seven & i Holdings Co. is set to report its quarterly earnings on Thursday, with focus on restructuring and outlook after reportedly receiving a higher buyout offer.

The mainland CSI 300 was little changed at the open, while Hong Kong’s Hang Seng index was up 2.6% in early trading. Traders were also monitoring markets in China after the Shenzhen Composite Index registered its worst trading day since 1997 on Wednesday.

Overnight in the U.S., the S&P 500 rallied to end at an all-time high, while the Dow surged for a record close. The Nasdaq Composite also gained, maintaining its gains after the release of minutes from the Federal Reserve’s September meeting.

Despite lingering fears of a broader war in the Middle East, Wall Street remained strong as investors focused on positive economic indicators.

Overall, the positive momentum in Asia-Pacific markets reflects a sense of optimism among investors, despite ongoing geopolitical tensions and economic uncertainties.