Asia-Pacific markets rallied as investors awaited the latest data from the US Federal Reserve on its rate hikes as the central bank tries to balance its fight against inflation and stem bank volatility.
Japan’s Nikkei 225 led regional gains, advancing 1.94% to close at 27,467. The Topix rose 1.75% to close at 1962.93.
Hong Kong’s Hang Seng Index advanced 1.76%, while the Hang Seng Technology Index advanced 1.01%.
Australia’s S&P/ASX 20 rose 0.87% to close at 7,015.6, and South Korea’s Kospi gained 1.22% to close at 2,416.97.
In China, the Shanghai Composite advanced 0.31% to close at 3,265.75, while the Shenzhen Composite advanced 0.61% to close at 11,496.93.
Wall Street rises with S&P 500 closing above 4,000
All three major US indices rose overnight as Wall Street extended a rally, with the S&P 500 gaining 1.3% to close at 4,002.88, its first close above the 4,000 mark since early January. March.
The Dow Jones Industrial Average advanced 0.98%, while the Nasdaq Composite added 1.59% to lead the US gains.
GameStop shares rose 40% in premarket trading after the company reported its first quarterly growth in two years.
GameStop’s net income was $48.23 million, a significant change from a loss of $147.53 million a year ago. However, the company’s sales fell 1.2% from a year earlier to $2.23 billion amid pressure from software sales and more closed stores. 2022 sales fell 1.42% year-over-year to $5.94 billion.
US stock futures headed for a volatile open as Wall Street awaited the latest interest rate decision from the Federal Reserve amid a fast-moving banking crisis.
Futures linked to the S&P 500 and the Dow Jones Industrial Average rose sharply. Contracts on the high-tech Nasdaq Composite fell nearly 0.22%.
The benchmark 10-year Treasury yield rose to 3.8%. Oil prices pulled back, with WTI oil prices pulling back to $69.52 per barrel.
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