The stocks in Japan and Hong Kong climbed by around 3% after they took a lead from Wall Street. The investors are closely watching the economic development and other reports before taking the next step. In Japan, the Nikkei 225 climbed by 3.44%, and the Topix managed to gain by more than 2%. In Hong Kong, the Hang Seng index rose by about 3%. The Shanghai Composite in mainland China registered a gain of 1.49%. Also, the Shenzhen Component climbed by 1.8%. In Australia, the S&P/ASX 200 registered a gain of 1.8% whereas the Kosdaq rose by 3.88%. South Korea’s Kospi managed to advance by 2.47%. The MSCI’s broadest index of Asia-Pacific shares outside Japan also managed to rise by 2.34%.
Most of the stock managed to close higher, and it is important to note that each major index registered a gain of more than 2%. The Dow Jones Industrial Average also managed to soar by 1,500 points. The investors were waiting for the US inflation report. The TSMC managed to rise by 5% after its third-quarter net profit. The shares of this Taiwanese semiconductor manufacturing company rose as much as 5.31%, as its third-quarter net profits registered whopping gains. It grew almost 80% in comparison to last year. The Japanese Yen was touching 147.67 per dollar. The Australian dollar was also in a strong position. It was standing at $0.6329. As per the latest reports, the economy of Singapore is in a very strong condition as the gross domestic product (GDP) grew by 4.4% in the third quarter.
The European stocks maintain stability
The region-wide STOXX 600 index (.STOXX) has attained stability, and it managed to climb 0.9%. According to senior market analysis, the investors are monitoring the situation and then proceeding in the stock market. The companies that have a strong footprint across the consumer landscape are performing impressively. Among the STOXX sectors, it was the financials (.SXFP) that extended the biggest boost to the index. In addition to all this, the index also boosted due to gains in energy (.SXEP). The chip-makers such as ASML (ASML.AS) and Infineon (IFXGn.DE) also rose. The Norwegian aluminum producer Norsk Hydro (NHY.OL) managed to gain 6.7% as the import of Russian aluminum has declined. The ongoing war between Russia and Ukraine has led to tension between the West and Russia. The USA and other Western nations have slapped tight sanctions on Russia.
Oil prices settle higher
The Brent crude futures for December delivery managed to rise by $2.22, and it managed to touch $96.47 a barrel. It was a gain of 2.4%. There is a possibility that OPEC can reduce its daily supply, and this factor is likely to enhance the oil price.