Nikada
The Asia-Pacific equity markets advance on Thursday, tracking gains on Wall Street overnight, and as investors digested business activity data from Australia, Japan and India.
The Japan (NKY:IND) +0.67%. The Nikkei 225 Index jumped on Thursday, hitting its highest levels in three weeks, the Japanese yen traded around 145 per dollar.
Domestically, investors reacted to data showing private sector growth in Japan reached a 15-month high in August on robust services activity, while manufacturing activity contracted more than expected.
China (SHCOMP) -0.32%. The Shanghai Composite fell on Thursday, sliding for the third straight session, as persistent economic concerns and the lack of forceful stimulus measures in China dampened investor sentiment.
Hong Kong (HSI) +0.59%. Shares in Hong Kong were up in Thursday morning deals after ending markedly lower the day before, helped by gains from financials and tech.
India (SENSEX) +0.23%. The BSE Sensex gained in morning trade on Thursday while hitting its highest level in three weeks, up for the sixth straight session.
The latest data showed the factory sector in India expanded faster, while the service sector growth remained robust in August.
Australia (AS51) +0.24%. The S&P/ASX 200 Index climbed on Thursday, extending its winning streak to a tenth session, as robust business activity data in Australia boosted market sentiment.
Data showed that the country’s private sector activity turned expansionary in August as services sector growth accelerated, while the manufacturing slump eased.
The Judo Bank Australia Manufacturing PMI inched higher to 48.7 in August from 47.5 in July. The Judo Bank Australia Services PMI Business Activity Index rose to 52.2 in August from 50.4 in July.
In the U.S., on Wednesday, all three major indexes ended higher after the Fed meeting minutes revealed some Fed members signaled that the central bank would rate cuts next month as long as inflation continued to slow.
The latest Fed minutes revealed that “the vast majority” of members agreed that “if the data continued to come in as expected, it would likely be appropriate to ease policy at the next meeting.”
U.S. stock futures held steady on Thursday as investors turn their attention to Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium later this week to guide the outlook for interest rate cuts: Dow -0.05%; S&P 500 -0.09%; Nasdaq -0.08%.
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