Commercial and residential buildings are brightly lit at dawn on Saturday, October 21, 2023, in Seoul, South Korea. South Korea has prepared a 75.9 trillion won (US$56.97 billion) fiscal support plan to support companies to increase investment in key industries as well as small businesses. Businesses are struggling under the influence of high interest rates.
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U.S. inflation data was largely in line with expectations, with Wall Street stocks rising overnight and Asia-Pacific shares rising.
The U.S. Bureau of Labor Statistics said on Tuesday that the U.S. consumer price index increased 0.4% quarterly in February and 3.2% annually.
Economists surveyed by Dow Jones expected a quarterly increase of 0.4% and an annual increase of 3.1%.
Core inflation, which excludes food and energy from the headline data, rose 0.4% in February, compared with expectations for a 0.3% rise.
In Australia, S&P/ASX 200 Index It opened the day up 0.24%, continuing Tuesday’s gains.
Japan’s Nikkei 225 Index It rebounded in early trading to gain 0.73%, while the Topix gained 0.79%.
Korean Cospi The unemployment rate in February was 2.6%, down from 3% in January, and the unemployment rate climbed 0.48%. The Kosdaq index of small-cap stocks rose 0.1%, rising for a fourth straight session.
In comparison, Hong Kong’s Hang Seng Index futures were at 17,067 points. The Hang Seng Index rose more than 3% to close at 17,093.5 points, opening weakly.
Overnight, all three major U.S. stock indexes rose after the release of inflation data, with S&P 500 Index It rose 1.12% to hit a record high of 5,175.27.
this Nasdaq Index Shares of Nvidia (1.54%) and Oracle (1.54%) rose 7% and 11%, respectively, as investors reinvested in technology stocks.this Dow Jones Industrial Average up 0.61%.
—CNBC’s Yun Li and Brian Evans contributed to this report
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