Asian benchmarks mostly rose Thursday, as investor optimism got a perk from a rally on Wall Street that's on track to break a three-week losing streak.
TOKYO — Asian benchmarks mostly rose Thursday, as investor optimism got a perk from a rally on Wall Street that’s on track to break a three-week losing streak.
Japan’s benchmark Nikkei 225 NIK surged 2% in morning trading. Australia’s S&P/ASX 200 XJO gained 1% and South Korea’s Kospi 180721 edged up 0.4%. Hong Kong’s Hang Seng HSI slipped 0.3%, while the Shanghai Composite SHCOMP rose nearly 0.1%. Benchmark indexes in Singapore STI , Malaysia FBMKLCI , Taiwan Y9999 and Indonesia JAKIDX advanced.
“Economic conditions in the region will continue to be in focus, with China’s trade balance data yesterday revealing challenges in both external and domestic demand,” said Yeap Jun Rong, market strategist at IG in Singapore, referring to Wednesday’s Chinese data. The indexes are now all in the green for the week, a welcome respite for traders after a slump in recent weeks that erased much of the market’s gains from a July and early August rally.
Wall Street’s focus remains on the highest inflation in decades and the Fed’s attempt to rein it in with high interest rates. The central bank has already raised rates four times this year and markets expect them to deliver another jumbo-sized increase of three-quarters of a percentage point at their next meeting in two weeks.
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