Aerial view of sunrise over Osaka city, Japan
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Asia-Pacific markets were mostly higher on Thursday as Wall Street rose on expectations that the Federal Reserve could cut interest rates next week following a weaker-than-expected jobs report.
Payroll processor ADP reported that while private companies cut 32,000 jobs in November, they added 47,000 jobs in October, well below the 40,000 increase expected by economists compiled by Dow Jones.
According to the CME FedWatch tool, the market has priced in an 89% chance of a rate cut at the Federal Reserve’s meeting on December 9-10, which is significantly higher than expectations for a rate cut just a few weeks ago.
Japan’s benchmark in Asia Nikkei Stock Average The index rose 2.33% to close at 51,028.42, while the TOPIX index rose 1.92% to 3,398.21.
Industrial and tech stocks led the Nikkei average’s rise. Japan’s share fanuc It soared more than 12%. Industrial robot manufacturers announce partnership Nvidia The stock rose 6.51% on Tuesday.
Stock prices of major investment companies specializing in technology Softbank It rebounded for two consecutive days. The stock price rose more than 9%.
Japanese chip equipment manufacturer laser tech The stock rebounded for three consecutive days, rising 6.24%. Renesas Electronics Soared more than 10% after California-based semiconductor company Cytime Inc. It is reportedly in talks to acquire a Japanese chipmaker’s timekeeping equipment. The deal could value the timekeeping business at up to $2 billion, including debt, Bloomberg reported, citing people familiar with the matter.
Korean Kospi The stock index fell 0.19% to 4,028.51, and the small-cap Kosdaq index fell 0.23% to 929.83.
Australia’s ASX/S&P 200 index rose 0.27% to 8,618.4.
hong kong Hang Seng Index was up 0.68% to 25,935.9, and the mainland CSI 300 was up 0.34% to 4,546.57.
indian nifty 50 The BSE Sensex index was flat. The Indian rupee opened at an all-time low of $90.4 against the dollar, hitting a new all-time low for the third day in a row.
shares of indigoThe country’s largest airline has fallen as much as 3% after canceling several flights since Monday. According to a Reuters report, Indigo attributed the disruption of the past two days to unforeseen issues such as bad weather and increased crowding, as well as the implementation of updated roster rules.
A Bangalore Airport spokesperson said that 73 IndiGo flights were canceled on Thursday, with flight disruption reportedly continuing for the fourth day.
Overnight, the Dow Jones Industrial Average rose 408.44 points, or 0.86%, to end at 47,882.90. The S&P 500 Index rose 0.30% to close at 6,849.72, and the Nasdaq Composite Index rose 0.17% to close at 23,454.09.
Stocks with exposure to artificial intelligence trading were the biggest drag on major U.S. benchmarks on Wednesday after the Information reported. microsoft Sales quotas for software related to artificial intelligence were being reduced.
Other major technical names: Nvidia and broadcomwhich dragged down the broader S&P 500.
Microsoft disputed the report’s claims, and its stock price recovered slightly in after-hours trading.
—CNBC’s Sean Conlon and Pia Singh contributed to this report.
