People visit a riverside in front of the Lujiazui financial district, during the National People’s Congress (NPC) in Shanghai, China, March 7, 2023.
Aly Song | Reuters
Asia-Pacific markets climbed on Tuesday, after the U.S. Federal Reserve cut interest rates by 25 basis points and major U.S. indexes continued their postelection rally.
In Asia, investors will be watching the final day of China’s National People Congress, which is expected to see announcements of fiscal stimulus aimed at supporting the world’s second-largest economy.
Japan’s household spending on September declined at a slower pace than expected, official data on Friday showed. Real household spending fell 1.1%, lower than the 2.1% decline expected by economists polls by Reuters.
Japan’s Nikkei 225 climbed 0.74%, while the broad-based Topix rose 0.49%.
South Korea’s Kospi was up nearly 1%, and the small-cap Kosdaq gained 1.71%.
Futures for Hong Kong’s Hang Seng index stood at 21,301, pointing to a stronger open compared to the HSI’s close of 20,953. If stocks follow futures, the Hong Kong index will hit its highest level in about a month.
Australia’s S&P/ASX 200 rose 1.07%, on pace for a third straight day of gains.
Overnight in the U.S., the S&P 500 and Nasdaq rose Thursday, extending a rally after Donald Trump’s victory in the U.S. presidential election and the latest rate cut from the Federal Reserve.
The S&P 500 gained 0.74% to close at a record high of 5,973.10. The Nasdaq Composite advanced 1.51% to reach 19,269.46, its first close above the 19,000 mark.
The Dow Jones Industrial Average was little changed, ticking down less than one point. All three indexes hit intraday record highs during the session. The Dow had gained 1,500 points in the previous session.
— CNBC’s Lisa Kailai Han and Jesse Pound contributed to this report.
