People stand in front of an electronic stock board showing Japan’s Nikkei index at a securities firm on Oct 15, in Tokyo. (AP)
MANILA, Philippines, Oct 16, (AP): Most Asian stock indexes rose on Thursday, tracking gains on Wall Street following a topsy-turvy trading day. U.S. futures edged higher and oil prices gained. Japan’s Nikkei 225 rose 1.3% to 48,277.74 as investor sentiment was lifted by a strong start to the earnings season and expectations of US rate cuts.
Japan’s core machinery orders, excluding ships and electric power, fell 0.9% month-on-month in August, missing market expectations for a 0.4% gain. But they marked improved from a 4.6% drop in July, according to data released Thursday. South Korea’s Kospi surged to a record high, adding 2.5% to 3,748.37 on buying of tech and auto stocks that was spurred by hopes for a trade deal with US Samsung Electronics and automakers Hyundai Motor and Kia Corp were among the big gainers.
In Chinese markets, Hong Kong’s Hang Seng index shed 0.4% to 25,812.20, while the Shanghai Composite index was nearly flat at 3,911.42. Australia’s S&P/ASX 200 closed nearly 0.9% higher at 9,068.40, breaching the 9,000 level for the first time amid gains in gold stocks. Miners in resource-rich Australia are benefitting from a runup in gold prices.
Early Thursday, the precious metal was up 0.9% at 4,237.60 per ounce. Also, the jobless rate rose to 4.5% in September, the highest in four years, stepping up expectations that the country’s Reserve Bank may resume rate cuts as early as next month. India’s BSE Sensex added 0.5% while Taiwan’s Taiex advanced 1.4%. On Wednesday, most US stocks rose.
The S&P 500 added 0.4% to 6,671.06, but only after jumping toward one of its biggest gains since the summer, erasing it all and then climbing back. The Nasdaq composite climbed 0.7%, closing at 22,670.08 after earlier pinballing between a drop of 0.4% and a rally of 1.4%. The Dow Jones Industrial Average lagged the market, shedding less than 0.1% to 46,253.31.
Technology stocks helped lead the way Wednesday following a better-than-expected profit report from Netherlands-based ASML, a major equipment supplier to the semiconductor industry. It expects its revenue for 2025 to be 15% above last year’s, while next year’s should be at least as high as this year’s. Several big banks also drove the market higher.