View of Sydney Tower from Cape Cremont.
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Asia-Pacific markets opened higher on Tuesday, tracking gains on Wall Street S&P 500 Index The Nasdaq closed at a record high overnight.
Japan’s Nikkei 225 Index rose 1%, while the Topix edged up 0.27%.
Korean Cospi Shares of Samsung Electronics rose 0.3%, while shares of heavyweight Samsung Electronics rose 0.57%, even as the company’s largest union continued a three-day strike seeking higher wages. On the other hand, Hyundai Reach a tentative wage agreement with the union, to avoid strikes. Hyundai Motor shares fell 1.59%.
Hong Kong Hang Seng Index futures were at 17,534 points, higher than the Hang Seng Index’s last closing point of 17,524.06 points.
Chinese electric vehicle giant BYD will invest US$1 billion to open a factory in Turkey with an annual production capacity of 150,000 vehicles. Turkish Industry and Technology Minister Mohammad Fatih Kasir said on Monday.
“The factory is scheduled to start production at the end of 2026 and will directly employ up to 5,000 people,” he said on social media platform X. Last week, the EU increased tariffs on electric vehicles imported from China.
Australia’s S&P/ASX 200 index rose 0.65%, although the country’s consumer confidence index was -1.1% in July, compared with 1.7% the previous month. Asian traders will also focus on Australian business confidence data due later in the day.
Investors are also looking forward to Thursday’s release of the U.S. consumer price index for clues on the Federal Reserve’s interest rate decision. Meanwhile, China’s inflation data on Wednesday will provide insights into the state of the country’s economic recovery.
Overnight in the United States, the S&P 500 and Nasdaq closed at record highs. Earnings from some major financial giants and consumer companies are also on traders’ watch lists this week.
—CNBC’s Brian Evans and Pia Singh contributed to this report.
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