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Asia-Pacific stocks jump as Wall Street rallies; China markets set to reopen

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Asia-Pacific stocks jump as Wall Street rallies; China markets set to reopen

SINGAPORE — Stocks across Asia-Pacific jumped on Friday, as markets on Wall Street rallied on the back of a deal to increase the debt ceiling in the short term.

Japan’s Nikkei 225 bounced 1.68% in early trade, and the Topix jumped 1.6%. Over in South Korea, the Kospi was up 0.46%.

The S&P/ASX 200 in Australia rose 0.37%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded almost flat.

Mainland China markets are set to resume trading after a week-long holiday.

“With the market reopening today, investors are likely to focus on issues in the Chinese property market. With property developers struggling [with] high debt levels, the spectre of strong demand for steel and iron ore remains low,” analysts at ANZ Research wrote in a note, referring to Evergrande’s debt woes and signs of stress in the broader property sector.

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Meanwhile, on Wall Street, stocks rallied as lawmakers reached a deal to increase the debt ceiling in the short term. The Dow Jones Industrial Average rose 337.95 points, or roughly 1%, to 34,754.94.

The S&P 500 rallied 0.8% to 4,399.76 and the technology-focused Nasdaq Composite jumped nearly 1.1% to 14,654.02. Thursday’s gains put the major averages in the green for the week.

Stocks hit their highs of the session as Senate Majority Leader Chuck Schumer announced on the Senate floor news of the debt ceiling compromise, which will avoid an unprecedented default for now.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 94.178, pulling back from levels above 94.2 seen earlier.

The Japanese yen traded at 111.68 per dollar, weakening from earlier levels around 111.4.

The Australian dollar changed hands at 0.7316, strengthening sharply following earlier levels of around 0.726.

CNBC’s Maggie Fitzgerald and Pippa Stevens contributed to this report.

Source: DailyMail

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