Precise Investors Editorial Team
Nikkei 225 rose 1.5% to 43,347.31 points, the Shanghai Composite index gained 0.3%, the Shanghai Shenzhen CSI 300 rose 0.4%, Hang Seng index jumped 1.3%, KOSPI index advanced 0.5%, while the Straits Times Index jumped 0.8%
Asian stock markets jumped on Wednesday in broad-based buying, tracking sharp overnight gains on Wall Street after mild U.S. inflation data fuelled Fed rate-cut hopes, while Japan’s Nikkei extended its record-setting rally.
Shares in Sydney dropped against the regional trend, as earnings from heavyweight Commonwealth Bank of Australia pulled the broader financial sector down.
Wall Street saw sharp gains on Tuesday, with the S&P 500 and NASDAQ Composite hitting fresh record highs.
U.S. stock index futures also traded higher in Asian trade on Wednesday, with tech-heavy Nasdaq leading gains.
Nikkei 225 continued its rally, rising 1.5% to 43,347.31 points, reaching another record high.
Japan’s broader TOPIX index also climbed to a record high with its sixth consecutive intraday rise. It traded 1% higher on Wednesday at 3,098.33 points.
Investors were encouraged by the U.S. Consumer Price Index rising just 0.2% in July and an annual rise of 2.7%, figures seen as mild enough to support expectations of a September rate cut.
Markets are now pricing in nearly a 94% probability of a 25-basis point cut next month, according to CME’s Fedwatch tool.
In China, the Shanghai Composite index added 0.3%, while the Shanghai Shenzhen CSI 300 advanced 0.4%.
Hong Kong’s Hang Seng index climbed 1.3% on Wednesday.
South Korea’s KOSPI index added 0.5%, while Singapore’s Straits Times Index climbed 0.8%.
Futures tied to India’s Nifty 50 were largely unchanged.
In Australia, the S&P/ASX 200 retreated 0.5% from record high levels as earnings from the top banker, Commonwealth Bank of Australia weighed on the financial sector.
The bank reported a record full-year profit but saw its shares decline more than 5% to a three-month low on valuation concerns and reliance on volatile trading income.
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