Asian Markets Track Wall Street Higher

(RTTNews) - Renewed rate cut optimism amidst easing inflationary pressures in the U.S. lifted Asian stocks on Wednesday.

China's Shanghai Composite Index rallied 0.54 percent to finish trading at 2,914.61. The day's trading ranged between 2,917.96 and 2,890.17. The Shenzhen Component Index also added 0.38 percent to close at 9,191.74.

The Japanese benchmark Nikkei 225 gained 384 points or 1.15 percent to end trading at 33,681.24, tracking the positive sentiment at Wall Street. The day's trading range was between 33,535 and 33,770.

Sumitomo Dainippon Pharma and Kawasaki Kisen Kaisha, both surged more than 5 percent. Softbank Group Corp, Nippon Yusen K.K as well as Mitsui O.S.K. Lines gained more than 4 percent.

J. Front Retailing declined 2.4 percent. Nippon Paper Industries and retail business Takashimaya, both slipped more than half percent.

The Hang Seng Index of the Hong Kong Stock Exchange added 284 points or 1.74 percent from the previous close to finish trading at 16,624.84. The day's trading range was between a high of 16,673.57 and a low of 16,439.26.

Korean Stock Exchange's Kospi Index added 11 points or 0.42 percent to close trading at 2,613.50. The day's trading range was between 2,590.08 and 2,613.50.

Australia's S&P/ASX200 closed trading at 7,561.20, gaining 60 points or 0.79 percent. The day's trading range was between 7,501.60 and 7,593.40.

Liontown Resources and Arcadium Lithium, both added 6.3 percent. Genesis Minerals, healthcare equipment business Healius and semiconductor business Weebit Nano, all added around 4.5 percent.

Core Lithium plunged 7.7 percent. Boss Energy declined 2.8 percent. Tabcorp Holdings, Light & Wonder as well as Insurance Australia Group declined more than 1 percent.

The NZX 50 of the New Zealand Stock Exchange added 44 points or 0.38 percent to close trading at 11,678.43 versus the previous close of 11,634.43. Trading ranged between 11,593.02 and 11,678.43.

Fonterra Shareholders Fund surged 4.8 percent, followed by healthcare business Pacific Edge that added 4.4 percent. Restaurant Brands New Zealand, Oceania Healthcare and Investore Property, all gained more than 2 percent.

Fisher & Paykel Healthcare slipped 1.4 percent, followed by Property for Industry that slipped 1.1 percent. Arvida Group, Contact Energy and Chorus, all suffered declines of less than a percent.

Wall Street had closed on a positive note on Tuesday as markets digested the better-than-expected PCE-based inflation readings. Nasdaq Composite rallied 0.54 percent to close at 15,074.57 whereas the Dow Jones Industrial Average added 0.43 percent to finish trading at 37,545.33.