People visit the riverside in front of the Lujiazui Financial District during the National People’s Congress in Shanghai, China, March 7, 2023.
Ali Song | Reuters
Asia-Pacific markets climbed on Tuesday after the Federal Reserve cut interest rates by 25 basis points and major U.S. stock indexes continued their post-election rally.
In Asia, investors will focus on the final day of China’s National People’s Congress, where fiscal stimulus measures are expected to be announced aimed at supporting the world’s second-largest economy.
Official data showed on Friday that Japan’s household spending fell slower than expected in September. Real household spending fell 1.1%, below expectations in a Reuters poll of economists for a 2.1% decline.
Japanese Nikkei 225 Index rose 0.74%, while the Topix gained 0.49%.
Korean Cospi Up nearly 1%, the small-cap Kosdaq rose 1.71%.
Hong Kong’s Hang Seng Index futures were quoted at 21,301 points, opening stronger than the Hang Seng Index’s closing point of 20,953 points. If stocks follow futures, the Hong Kong index will hit its highest level in about a month.
Australian S&P/ASX 200 Index It rose 1.07%, rising for the third consecutive day.
U.S. stocks overnight, with the S&P 500 and Nasdaq rising on Thursday, extending gains following Donald Trump’s victory in the U.S. presidential election and the Federal Reserve’s latest interest rate cut.
The S&P 500 rose 0.74% to close at a record high of 5,973.10 points. The Nasdaq rose 1.51% to 19,269.46 points, closing above 19,000 points for the first time.
The Dow Jones Industrial Average was little changed, falling less than a point. All three major stock indexes hit intraday record highs. The Dow Jones rose 1,500 points in the previous session.
—CNBC’s Lisa Kailai Han and Jesse Pound contributed to this report.
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