Japan’s Nikkei 225 up 1% as Asia-Pacific stocks rise following Wall Street rebound

Japan’s Nikkei 225 up 1% as Asia-Pacific stocks rise following Wall Street rebound

SINGAPORE — Shares in Asia-Pacific rose in Wednesday morning trade, following an overnight bounce stateside that saw the Dow Jones Industrial Average rising more than 500 points.

In Japan, the Nikkei 225 led gains among the region’s major markets as it rose 1.3% while the Topix index advanced 1.42%.

Japan’s exports rose 48.6% in June as compared with a year earlier, according to data released Wednesday by the country’s Ministry of Finance. That was higher than a 46.2% increase expected by economists in a Reuters poll.

Mainland Chinese stocks were also higher as the Shanghai composite gained 0.75% while the Shenzhen component rose 0.995%. Hong Kong’s Hang Seng index advanced 0.19%.

Elsewhere, the S&P/ASX 200 in Australia climbed 1.22%.

Australia’s retail sales fell 1.8% in June as compared with the previous month on a seasonally adjusted basis, preliminary retail trade data from the country’s Bureau of Statistics showed Wednesday.

Following that data release, the Australian dollar changed hands at $0.7319, still off levels above $0.742 seen last week.

South Korea’s Kospi lagged as it slipped 0.17%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.37% higher.

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Overnight stateside, the Dow Jones Industrial Average surged 549.95 points to 34,511.99. The S&P 500 jumped 1.52% to 4,323.06 while the Nasdaq Composite advanced 1.57% to 14,498.88.

Those gains were a comeback from Monday’s losses, which saw the Dow plunging more than 700 points amid fears that a Covid resurgence could slow the economic recovery.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93 after seeing levels above 93.1 recently.

The Japanese yen traded at 109.88 per dollar, weaker than levels below 109.5 seen against the greenback earlier in the week.

Oil prices were lower in the morning of Asia trading hours, with international benchmark Brent crude futures down 0.4% to $69.07 per barrel. U.S. crude futures fell 0.48% to $66.88 per barrel.

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