Shares in Asia-Pacific were largely higher in Wednesday trade, following overnight gains stateside that saw the tech-heavy Nasdaq Composite rising to a record high.
Hong Kong’s Hang Seng index was among the biggest gainers regionally as it advanced 1.46%. Taiwan’s Taiex also saw robust gains, rising 1.22%.
South Korea’s Kospi edged 0.39% higher. Meanwhile, shares in Australia declined as the S&P/ASX 200 fell 0.49%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.73% higher.
Tech shares mixed
Technology shares in Asia-Pacific were mixed in Wednesday trade.
· Japan's Nikkei rises on consumer boost; transport stocks cap gains
Japan’s benchmark Nikkei index inched higher on Wednesday as a rally in consumer-related growth stocks outweighed losses in transport sectors.
The Nikkei 225 rose 0.07% to 28,902.77 by 0212 GMT, while the broader Topix edged down 0.33% to 1,953.03. The Nikkei saw its biggest rise in 2021 on Tuesday.
Bank of Japan policymakers saw prospects of quicker recovery in April
Minutes from the Bank of Japan’s April monetary policy meeting released Wednesday showed members agreed that stimulus measures, particularly those in advanced economies, could result in a “faster than expected” pace of recovery for Japan and other countries.
· China stocks gain as country approves first CAR-T cell therapy
China shares rose on Wednesday, with healthcare stocks leading the gains after the country approved its first CAR-T cell therapy, while investors cheered the Federal Reserve’s assurance that the U.S. central bank will not hasten to hike rates.
At the midday break, the Shanghai Composite index was up 0.46% at 3,573.61 points, rising for the third consecutive day.
China’s blue-chip CSI300 index was up 0.77%. The financial sector sub-index climbed 0.13%, the consumer staples sector was down 1.24%, while the real estate index added 0.13%.
Chinese H-shares listed in Hong Kong rose 1.43% to 10,619.02, while the Hang Seng Index was up 1.46% at 28,721.85.
The smaller Shenzhen index was up 0.81%, the start-up board ChiNext Composite index advanced 1.63%, and Shanghai’s tech-focused STAR50 index climbed 1.53%.
· European markets mixed ahead of PMI data
European stocks were muted on Wednesday morning with investors in the region awaiting key Purchasing Managers’ Indexes from the euro zone.
The pan-European Stoxx 600 inched 0.1% above the flatline in early trade, with basic resources climbing 1.2% while health care and household goods slid 0.4%.
European markets are awaiting the first reading of activity in the services and manufacturing sectors in the euro zone and U.K. for June. The “flash” or preliminary data — a useful gauge of economic health in two key sectors in the region — for the single currency area is due at 9 a.m. London time.
Technology stocks lead Europe higher ahead of business activity data
European technology stocks jumped on Wednesday after a record finish for their U.S. peers overnight, while the pan-European STOXX 600 hovered below record highs as investors awaited business activity data from across the euro zone.
· Stock index futures are mildly higher after Nasdaq closes at record
U.S. stock index futures were mildly higher during early morning trading on Wednesday, after the S&P 500 closed shy of a new record on Tuesday.
Futures contracts tied to the Dow Jones Industrial Average advanced 82 points. S&P 500 futures and Nasdaq 100 futures both traded in slightly positive territory.
BoT Keeps rates at record lows
The Bank of Thailand (BOT) has kept interest rates at a record low of 0.5% as the southeast Asian state struggles with an upswing in coronavirus cases that are slowing plans to reopen its tourism dependent economy.
Jeremy Zook, a director in Fitch’s Asia-Pacific Sovereigns team, said in a webinar today that the Thai economy should rebound by 4.2% in 2022.
Reference: CNBC, Reuters, Capital.com
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