Buildings in Pudong’s Lujiazui Financial District in Shanghai, China, on Monday, Jan. 29, 2024.
Bloomberg | Bloomberg | Getty Images
Asia-Pacific markets showed an increase on Tuesday, following gains observed on Wall Street. During Monday’s trading session, the S&P 500 and Dow Jones Industrial Average both reached new closing highs.
The broad market index advanced by 0.28% to conclude at 5,718.57, whereas the Dow Jones Industrial Average increased by 61.29 points, or 0.15%, closing at 42,124.65.
Market participants in Asia are anticipated to focus on an unusual briefing by the People’s Bank of China (PBOC). Authorities have stated that PBOC Governor Pan Gongsheng will lead a press conference at 9 a.m. addressing “financial support for high-quality economic development.”
This briefing is scheduled shortly before Chinese markets open at 9:30 a.m. Currently, mainland Chinese CSI 300 futures are at 3,205.6, slightly below the last closing figure of 3,212.76.
Moreover, the Reserve Bank of Australia (RBA) will announce its rate decision on Tuesday. Economists surveyed by Reuters expect the RBA to maintain rates at 4.35%.
The Commonwealth Bank of Australia noted last week that the latest economic data has either met or been weaker than the RBA’s expectations. Therefore, the bank anticipates a slightly less assertive statement but does not foresee a significant change in language or tone.
The S&P/ASX 200 in Australia rose marginally ahead of the RBA decision.
In Japan, the Nikkei 225 climbed by 1.47%, while the Topix increased by 1% as Japanese markets resumed trading after a holiday. This marks the first instance of the Nikkei surpassing the 38,000 mark since Sept. 3.
South Korea’s Kospi was up by 0.6%, with the small-cap Kosdaq rising by 0.68%.
Hong Kong’s Hang Seng index futures stood at 18,462, above the HSI’s last closing value of 18,247.11.
Meanwhile, in the United States, the Nasdaq Composite saw a slight increase of 0.14%, reflecting gains in the other major U.S. indexes.
—CNBC’s Brian Evans and Alex Harring contributed to this report.
