Asia-Pacific stocks bounced Wednesday, with Australia stocks hitting a near two-year high, as more markets return from a Christmas break.
Australia’s S&P/ASX 200 index gained 0.8% to hit its highest level since late April 2022, as trading resumed for the week. The index is eying yearly gains of over 7%.
Aussie stocks have been buoyed by hopes that the Reserve Bank of Australia will no longer be hiking interest rates after the central bank held rates steady at its last meeting of the year, partly driven by the Federal Reserve’s more dovish tilt.
With fewer data points on the economic calendar and all major central bank meetings out of the way, trading volumes are expected to be thin.
Japan’s Nikkei 225 opened nearly 1% higher, while the broader Topix index added 0.68%. The Topix is headed for its fourth straight day of gains.
The Nikkei 225 has gained more than 27% so far this year, making it Asia’s top performing index for 2023.
South Korea’s Kospi added 0.3% by open, and the smaller Kosdaq index jumped 1.33%.
Futures for Hong Kong’s Hang Seng index stood at 16,635, pointing to a much higher open compared with the HSI’s close of 16,340.41. This will be the first trading day of the week for Hong Kong markets.
Source: CNBC
