Panoramic display of the Shanghai Stock Exchange Building on July 16, 2024 in Shanghai, China.
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SINGAPORE – Asia-Pacific stocks closed higher on Thursday following gains on Wall Street S&P 500 Index and Dow Jones Industrial Average Stocks hit new highs as investors shrugged off geopolitical concerns.
Australia’s S&P/ASX 200 index closed up 0.43% on the day, reaching 8,223 points. South Korea’s Kospi rose 0.34% to close at 2,603.25 points; the small-cap Kosdaq fell 0.22% to close at 776.52 points.
Japanese Nikkei 225 Index It rose 0.26% to close at 39,380.89 points, while the Topix rose 0.2% to close at 2,71,267 points.
Asian traders are assessing September data Japanese producer prices An increase of 2.8% compared with the same period last year. Economists polled by Reuters had forecast inflation at 2.3%, down from 2.5% in August.
Investors also assessed Japanese retailer Seven & i Holdings Co.’s quarterly earnings report. Modified Buyout Offer From Alimentation Couche-Tard.
Seven & i significantly lowered its operating profit forecast and net profit forecast for the 12 months to the end of February. Qi’an shares closed down 0.43% on Thursday.
Mainland China’s CSI 300 Index closed up 1.06% at 3,997.78 points, while the Hong Kong stock market Hang Seng Index Shares were up 3% in the final hour of trading.
China’s central bank said it would start accepting applications from financial institutions to join a newly created liquidity facility – initially worth 500 billion yuan ($70.7 billion) – that would provide easier access to capital for the stock market.
Chinese stocks rebounded after market gains stalled on Wednesday. The CSI 300 Index rose for 10 consecutive days, falling 7%. The rise was triggered by a series of stimulus measures introduced by the government in late September.
China’s Ministry of Finance will hold a press conference on October 12, where they are likely to provide more insights on fiscal policy and economic development.
Chetan Ahya, chief Asia economist at Morgan Stanley, told “Street Signs Asia” on Thursday that Beijing needs to announce a 10 trillion yuan ($1.4 trillion) fiscal stimulus plan focused on stimulating consumption to Continue to improve investor confidence.
“It’s not something we said they would do, but we think they need something like that to get the economy out of deflation,” Aya said.
In the U.S. stock market overnight, the S&P 500 index rose 0.71% to close at 5,792.04 points after hitting a record high; the 30 stocks in the Dow Jones Index rose 431.63 points, or 1.03%, to close at 42,512 points, a record high. The Nasdaq rose 0.6% to close at 18,291.62 points.
Wall Street maintained its gains after the release of the minutes of the Federal Reserve’s September meeting, which cut interest rates by half a percentage point, showing that “the vast majority of participants” favored a significant rate cut.
The strong session came despite Israel’s promise of a wider war in the Middle East. launch a retaliatory strike Confront Iran.
The U.S. Bureau of Labor Statistics will release September consumer price data on Thursday morning, and U.S. economists polled by Reuters expect core inflation to remain stable at 3.2% year-on-year.
—CNBC’s Samantha Subin and Sarah Min contributed to this report.
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