Asia-Pacific markets rise following Wall Street bounce

Key Points

• Asia-Pacific shares traded higher Thursday following the rally on Wall Street.
• Overnight in the U.S., the Dow Jones Industrial Average and the S&P 500 each gained more than 1%, while the Nasdaq Composite rose 2.59%, pulled higher by tech stocks.
• A better-than-expected services PMI reading for July gave investors confidence amid concerns about a U.S. recession.

SINGAPORE — Asia-Pacific shares traded higher on Thursday following the rally on Wall Street.

Japan’s Nikkei 225 rose 0.76%, while the Topix index climbed 0.25%.

The Kospi in South Korea gained 0.33% and the Kosdaq advanced 0.65%.

In Australia, the S&P/ASX 200 added 0.21%.

MSCI’s broadest index of Asia-Pacific shares outside of China was 0.21% higher.

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Overnight in the U.S., the Dow Jones Industrial Average and the S&P 500 each gained more than 1%, while the Nasdaq Composite rose 2.59%, pulled higher by tech stocks.

A better-than-expected services PMI reading for July gave investors confidence amid concerns about a U.S. recession.

Within the region, and Alibaba and DBS report earnings on Thursday.

DBS, Singapore’s largest bank, reported a net profit of 1.82 billion Singapore dollars ($1.32 billion), the second highest in history, the bank said in a press release. That’s higher than the average forecast of 1.7 billion Singapore dollars, according to data from Refinitiv.

A Reuters report citing a single source said the world’s largest battery maker, CATL, will continue working toward delivering lower-cost lithium iron batteries to Ford Motor. CATL will also produce batteries in North America by 2026, the Wednesday report said.

Bloomberg News reported on Tuesday that CATL was delaying its decision on a North America plant.

TICKER	COMPANY	NAME	PRICE	CHANGE	%CHANGE
.N225	Nikkei 225 Index	*NIKKEI	27947.29	205.39	0.74
.HSI	Hang Seng Index	*HSI	19767.09	0	0
.AXJO	S&P/ASX 200	*ASX 200	7006.3	30.4	0.44
.SSEC	Shanghai	*SHANGHAI	3163.67	0	0
.KS11	KOSPI Index	*KOSPI	2471.83	10.38	0.42
.FTFCNBCA	CNBC 100 ASIA IDX	*CNBC 100	8093.65	26.31	0.33

Currencies and oil

The U.S. Dollar Index , which tracks the greenback against a basket of its peers, was at 106.477, higher than earlier this week.

The Japanesse Yen traded at 133.70 per dollar, weaker than levels seen earlier this week. The Australian Dollar was at $0.6938.

Oil futures inched up on Thursday after Brent settled 3.7% lower and U.S. crude fell 4% on Wednesday following U.S. data that showed crude and gasoline stockpiles rose unexpectedly. U.S. Crude rose 0.67% to $91.27 per barrel, while Brent crude gained 0.64% to $97.40 per barrel.

Source : CNBC