Japanese markets extended gains following better-than-expected economic growth that fueled further optimism about the outlook for the nation’s stocks. Stock indices elsewhere in the region were mixed.
Japan’s benchmark index rose at the open after the Topix closed at the highest level in 33 years on Tuesday. Wall Street strategists pointed to the country’s corporate reforms and loose monetary policy as reasons for further optimism. Shares climbed in South Korea and fell in Australia, where investors awaited wage data that may provide clues on further tightening by the Reserve Bank of Australia.
U.S. stock futures edged higher in Asia after the Nasdaq 100 closed up just 0.1% and the broader S&P fell, following a rapid decline in the final minutes of the session.
The yield on the 10-year Treasury note in the U.S. was trading at 3.52%. The crude oil price was below the $75 mark, while Bitcoin advanced above the $27,000 level.
At 8:18 a.m., the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was down 0.24% at 18,286.
Domestic benchmarks ended their two-day rally as a decline in HDFC twins weighed on the indices.
The Indian rupee gained against the U.S. dollar on the back of forex inflows and softening crude prices.
Foreign investors were net buyers for the fourteenth straight day and bought equities worth Rs 1,406.9 crore. On the other hand, domestic institutional investors turned sellers after a day and sold stocks worth Rs 886.2 crore, NSE data showed.
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