Asian stock markets were bolstered on Tuesday by overnight optimism on Wall Street, as investors await highly anticipated U.S. inflation data that might shape the outlook for interest-rate hikes into next year.
As of 9.26 A.M. (Thai time), the S&P/ASX 200 in Australia was up 0.38%. The Nikkei 225 in Japan added 0.42%, while the Korean benchmark Kospi gained 0.10%.
Hong Kong’s Hang Seng index inched up 0.57%. In mainland China, the Shanghai Composite climbed 0.21%.
In the United States, the blue-chip Dow rose 528.58 points, or 1.58%, overnight to 34,005.04, its first close above 34,000 since December 2. The S&P 500 rose 1.43% to 3,990.56, while the Nasdaq Composite advanced 1.26% to 11,143.74.
Traders are anticipating the release of the November consumer price index report in the U. S., hoping for signs of lowering inflation. Dow Jones economists polled estimated a 0.3% increase on a monthly basis, a 0.3% decrease from October’s 0.4% growth.
The Fed, the European Central Bank, and the Bank of England are all expected to raise rates by 50 basis points (bps) later this week, rather than the aggressive 75 bps hikes agreed earlier this year.