In Tokyo, Japan, the juxtaposition of old and new can be seen in the city’s unique urban landscape. Along a canal, newer apartment buildings surround industrial factories, creating an intriguing contrast.
In Asia-Pacific markets, most stocks rose on Wednesday following comments from U.S. Federal Reserve Chair Jerome Powell about progress in reining in inflation. Investors were also analyzing data from the region.
In Japan, the au Jibun Bank reported a decrease in private sector activity for the first time in seven months, with the composite purchasing managers’ index falling to 49.7 in June. The decline was attributed to a reduction in services activity outweighing a slight increase in manufacturing output. Meanwhile, China’s Caixin services purchasing managers’ index indicated the 18th consecutive month of expansion in the services sector, albeit at a slower pace than previous months.
Traders were awaiting business activity data from India to be released later in the day. In market updates, Japan’s Nikkei 225 continued its upward trend above the 40,000 mark while South Korea’s Kospi and Australia’s S&P/ASX 200 also saw gains. Hong Kong’s Hang Seng index rose early trade while mainland China’s CSI 300 experienced a slight decline.
Chinese tech giant Alibaba made headlines for repurchasing 613 million of its ordinary shares for $5.8 billion in the quarter ending June, leading to a 1.7% increase in the company’s stock price. Meanwhile, major indices like the Dow Jones Industrial Average and Nasdaq Composite saw gains with Tesla shares playing a significant role in lifting S&P 500 after exceeding delivery expectations for second-quarter deliveries.
Overall, markets across Asia-Pacific showed positive signs as investors analyzed data and waited for further updates on economic developments across various regions of