A cargo ship is sailing towards the docking of a foreign trade container terminal in Qingdao Port, Shandong province, in Qingdao, China, on June 7, 2024.
Costfoto | Nurphoto | Getty Images
Asia-Pacific markets extended gains on Wednesday, tracking Wall Street benchmarks that snapped a three-day losing streak overnight.
The Dow Jones Industrial Average gained 0.76%, while the S&P 500 was up 1.04%. The tech-heavy Nasdaq Composite rose 1.03% to close at 16,366.85.
Sentiment was boosted by a rebound in Japanese stocks Tuesday that saw the Nikkei 225 post its best day since October 2008, soaring 10.2%. On Monday, the index suffered its worst session since 1987 amid recession fears, losing 12.4%.
On Wednesday, the Nikkei was up 2%, according to LSEG data, while Japan’s broad-based Topix was up over 3%.
Later today, traders in Asia will assess July trade data out of China, with economists expecting exports to grow 9.7% year-over-year compared to June’s 8.6% rise. Imports are expected to grow 3.5% over the same period, a reversal from June’s 2.3% fall.
South Korea’s Kospi rose nearly 2% while the Kosdaq gained over 2%.
Samsung Electronics was up about 2% after Reuters reported that Samsung’s 8-layer HBM3E chips had cleared tests by American chip major Nvidia for use in its artificial intelligence processors.
Australia’s S&P/ASX 200 was up 0.2%.
Hong Kong’s Hang Seng index opened up a slight 0.2% in early trading.
—CNBC’s Hakyung Kim and Samantha Subin contributed to this report.
