Asia Shares Trade Mostly Higher, following Wall Street’s Struggle for Direction

Wednesday saw mostly upbeat trading across Asia and the Pacific as investors followed Wall Street’s lead in the absence of China and Hong Kong markets due to the Lunar New Year holidays.

As of 9.30 A.M (Thai time), the Kospi in South Korea rose 0.63%. Japan’s Nikkei 225 added 0.18%.

Australia’s S&P/ASX 200 declined 0.20% as the country’s headline inflation rose to a new 32-year high of 7.8% in the final quarter of the fiscal year of 2022.

Markets in China and Hong Kong are closed for a holiday.

The Dow Jones Industrial Average concluded yesterday with its third consecutive day of gains, while the S&P 500 and Nasdaq Composite both fell overnight as investors sought direction.

The annual rate of inflation in Australia hit 7.8% in the fourth quarter of 2022, the highest level seen since March 1990.

According to the Australian Bureau of Statistics, the annualized figure of a rise in consumer prices was supported by higher prices in food, auto fuel, and new home development.

Domestic travel prices increased by 13.3%, while foreign travel costs increased by 7.6%.