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Asia-Pacific stocks rise, Nikkei hits three decade highs


The Nikkei 225, soared past the 32,000 level for the first time since 1990 to end at 32,217.43

Asia-Pacific markets mostly rose after U.S. President Joe Biden signed into law a debt ceiling bill that permitted the U.S. to avoid defaulting on its financial obligations over the weekend.

The compromise debt ceiling bill passed the Senate by a 63-36 margin Thursday evening, winning sufficient support from both parties to overcome the chamber’s 60-vote mark to avert a delay. On Wednesday, it moved through the House after nearly 72 hours, passing 314-117.

In Japan, the Nikkei 225, soared 2.2 per cent past the 32,000 level for the first time since 1990 to end at 32,217.43. The Topix was 1.7 per cent higher and ended at 2,219.97.

Oil futures also soared after the Organization of the Petroleum Exporting Countries (OPEC) member Saudi Arabia’s decision to cut oil production by another million barrels per day.

South Korea Kospi increased 0.54 per cent, closing the day at 2,615.41 and continuing its Friday rally. The Kosdaq added 0.26 per cent to end at 870.28.

Australia’s S&P/ASX 200 was 1 per cent higher, ending at 7,216.3 and logging its third day of gains in a row, prior to the country’s central bank rate decision scheduled for tomorrow.

Hong Kong’s Hang Seng index recorded a 0.88 per cent rise on Monday, continuing its rally from the 4 per cent advance logged in Friday’s session. Markets in mainland China were more mixed, with the Shanghai Composite up slightly to close at 3,232.44 and the Shenzhen Component dropping 0.48 per cent to close at 10,946.08.

In the U.S. on Friday, all three major indexes added more than 1 per cent, with the Dow Jones Industrial Average climbing 2.12 per cent for its best day since January.

The S&P 500 jumped 1.45 per cent, while the Nasdaq Composite added 1.07 per cent, hitting its highest level since April 2022 during the session.

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