Asia-Pacific markets trade mixed, Nikkei extends gains
Asia-Pacific markets traded mixed despite gains on Wall Street as investors awaited a batch of large-cap tech earnings to continue pushing the Nasdaq Composite to a fresh high this week. Japan’s Nikkei 225 rose 0.62%, extending gains from the previous day. This came after the ruling Liberal Democratic Party lost its parliamentary majority after voters voted on Sunday to determine control of the lower house, marking the first time since 2009 that Japan’s ruling coalition has lost its majority.
Japan’s September unemployment rate came in at 2.4%, compared with 2.5% in the previous month. The reading was also slightly lower than the Reuters estimate of 2.5%. The Kospi fell 0.51% while the Kosdaq fell 0.41%. Australia’s S&P/ASX 200 gained 0.36%. Hong Kong’s Hang Seng Index rose 1.21%, while China’s CSI 300 gained 0.17% in the first hour of trading. Traders in Asia will also monitor Singapore’s unemployment data.
Overnight in the U.S., stocks jumped. The S&P 500 gained 0.27% to close at 5,823.52. The Dow Jones Industrial Average advanced 273.17 points, or 0.65%, to end at 42,387.57. The Nasdaq rose 0.26%, closing at 18,567.19.
This week marks the busiest in the third-quarter earnings reporting season, and is the final week leading up to the U.S. presidential election on Nov. 5 and the Federal Reserve’s policy decision on Nov. 7.
Five of the Magnificent Seven companies — Alphabet, Microsoft, Meta Platforms, Amazon, and Apple — are set to announce their latest financial results this week. Traders will also be eyeing the October jobs report due Friday.
Source: CNBC
