Asia-Pacific markets traded higher Friday, tracking Wall Street gains after two key benchmarks hit new records on the heels of the recent Federal Reserve decision to cut rates.
The central bank on Wednesday lowered its key overnight borrowing rate by a quarter percentage point, putting it in a range of 3.5%-3.75%.
Japan’s benchmark Nikkei 225 rose 1.37% to close at 50,836.55, while the Topix added 1.98% to end the trading day at 3,423.83. South Korea’s Kospi advanced 1.38% to 4,167.16, while the small-cap Kosdaq rose 0.29% to 937.34.
Australia’s benchmark S&P/ASX 200 was 1.23% higher at 8,697.3. India’s Nifty 50 was up 0.6%. The rupee weakened to a record low of 90.55 against the dollar.
Hong Kong’s Hang Seng index added 1.75%, while the mainland’s CSI 300 rose 0.63% to 4,580.95.
China’s top leaders wrapped up an annual economic planning meeting Thursday by affirming broad economic support for the year ahead, including boosting consumption and stabilizing the property sector. Policymakers remained focused on bolstering domestic tech capabilities, a key priority for the upcoming five-year plan that kicks off in 2026.
Overnight in the U.S., the Dow Jones Industrial Average and S&P 500 reached new highs, with investors rotating out of high-flying tech stocks and into names likely to benefit from a growing U.S. economy after the Federal Reserve cut interest rates.
The 30-stock Dow rose 646.26 points, or 1.34%, to finish at 48,704.01, a fresh closing high. The index also scored a new record intraday high, supported by a rise in Visa shares after it was upgraded by Bank of America. The broad market S&P 500 traded up 0.21% to settle at 6,901.00, also a closing record. However, the Nasdaq Composite pulled back 0.26% to finish at 23,593.86.
—CNBC’s Evelyn Cheng, Sean Conlon and Pia Singh contributed to this report.
Source: CNBC