Asian markets traded higher in early deals on Wednesday, as the softer than expected US retail sales data for December, bolstered expectations that the Federal Reserve will start trimming interest rates later this year. Market participants closely eyeing the release of the US monthly jobs report due later in the day. The global pivot towards artificial intelligence has provided a significant boost for Asian tech indices. Hang Seng marked third straight sessional gain with the stocks in Chinese index. China’s annual inflation eased sharply to 0.2% from 0.8% in December, marking the lowest in three months, while producer prices slipped for a 40th straight month. Meanwhile, the Japanese stock market is closed for National Founding Day.
Straits Times up by 16.39 points or 0.33% to 4,980.64, Hang Seng rose by 119.85 points 0.44% to 27,303.00, Jakarta Composite soared by 118.17 points 1.45% to 8,249.91, KOSPI Index climbed by 62.04 points or 1.17% to 5,363.73, Taiwan weighted jumped by 545.36 points or 1.65% to 33,618.33, Shanghai Composite whetted by 9.18 points or 0.22% to 4,137.55, and FTSE Bursa Malaysia KLCI index buoyed by 4.70 points or 0.27% to 1,752.24.
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