Asia-Pacific markets set for higher open after S&P 500 and Dow hit new highs: Live updates
This is CNBC’s live blog covering Asia-Pacific markets.
Asia-Pacific markets are set to open higher on Thursday, following gains on Wall Street that saw the S&P 500 and Dow Jones Industrial Average reach new records as investors shook off geopolitical concerns.
Australia’s S&P/ASX 200 was up 0.5% in early trading. South Korea’s Kospi jumped 0.6%, while the small-cap Kosdaq was up 0.7%.
Japan’s Nikkei 225 opened up 0.5%, while the broad-based Topix gained 0.4%.
Traders in Asia will assess data from September on producer prices in Japan which rose 2.8% from a year ago. Economists polled by Reuters had predicted the inflation rate would come in at 2.3%, down from 2.5% in August.
Hong Kong Hang Seng index futures were at 21,070, higher than the HSI’s last close of 20,637.24.
Traders will monitor markets in China after the Shenzhen Composite Index registered its worst trading day since 1997 as Beijing disappointed investors and have not announced further, major stimulus measures beyond the initial blitz.
Overnight in the U.S., the S&P 500 rallied 0.71% to end at 5,792.04 after hitting an all-time high, while the 30-stock Dow surged 431.63 points, or 1.03%, to reach 42,512 for a record close. The Nasdaq Composite gained 0.6% to end at 18,291.62.
Wall Street maintained its gains after the release of minutes from the Federal Reserve’s September meeting, in which it cut by a half percentage point, revealed that a “substantial majority of participants” had favored reducing interest rates by the larger amount.
The strong trading day also came despite lingering fears of a broader war in the Middle East as Israel promises to launch a retaliatory strike against Iran.
— CNBC’s Samantha Subin and Sarah Min contributed to this report.
CNBC Pro: These cheap stocks are outperforming, and analysts give 5 more than 20% upside
Markets just keep rallying this year, with the S&P 500 up nearly 22% year-to-date and the Nasdaq jumping around 21%. In global stocks, the MSCI World index is around 16% higher.
Many on Wall Street expect the trend to continue. Goldman Sachs, Morgan Stanley and others all see the S&P 500 around 6,000 by the end of the year, up from around 5,730 on Tuesday.
With markets already running high, CNBC Pro screened for global stocks that have outperformed the MSCI World index, but still look cheap based on their forward price-to-earnings ratios.
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— Weizhen Tan
Stocks finish higher, S&P and Dow hit new highs
Stocks rallied Wednesday and the S&P 500 and Dow Jones Industrial Average notched new highs.
The S&P 500 rallied 0.7% to end at 5,792.04 after notching an all-time high, while the Nasdaq Composite added 0.6% to finish at 18,291.62. The Dow Jones Industrial Average surged 431.63 points, or 1%, to settle at 42,512.00 and at a record close.
— Samantha Subin
Oil closes lower amid uncertainty over how Israel will hit Iran
Crude oil futures edged lower Wednesday, after selling off steeply in the previous amid uncertainty over how Israel will retaliate against Iran.
U.S. crude oil closed at $73.24 per barrel, down 33 cents or 0.45%. Global benchmark Brent settled at $76.58 per barrel, down 60 cents or 0.78%.
Oil futures sold off more than 4% on Tuesday as the rally on war risk in the Middle East has stalled out. Israel has vowed to hit back against Iran for last week’s ballistic missile strike, but there is growing perception that it may not target oil facilities.
“From here, durable forms of supply disruption need to occur to see further advances for energy,” Ryan Grabinski, managing director and investment strategist at Strategas.
— Spencer Kimball
Rio Tinto on pace for longest losing streak in more than three years
Shares of Rio Tinto fell 0.5%% in afternoon trading, putting the stock on track for its eighth consecutive day of losses. If the stock closes lower, this will mark its longest losing streak since March 23, 2021, when it saw eight straight days in the red.
The move comes after the miner announced it’s acquiring fellow miner Arcadium Lithium in an all-cash transaction for $5.85 per share. Shares of that company surged more than 30% during Wednesday’s session.
— Sean Conlon