Asia-Pacific markets mostly traded higher on Thursday, with Australia leading regional gains even as Wall Street closed lower on tech weakness.
The S&P/ASX 200 climbed 1.13% to finish at 9,019.1, breaching the 9,000 level for the first time. The surge was driven by standout rallies in select companies: OMG Group soared 114.29%, 333D advanced 55.56%, and Janus Electric Holdings rose 46.47%.
India’s Economic Data Boosts Sentiment
In India, the HSBC Composite flash PMI came in strong at 65.2 for August, well above July’s 61.1 and higher than Reuters’ forecast of 60.5.
Markets responded positively, with the Nifty 50 up 0.21% and the BSE Sensex gaining 0.35% by mid-afternoon trading.
Japan Stocks Retreat; Bond Yields Hit Multi-Year Highs
Japan’s Nikkei 225 fell for the third straight session, down 0.65% to 42,610.17, weighed by losses in Daiichi Sankyo, Socionext, and Lasertec Corp. The Topix index also dropped 0.52% to 3,082.95.
Meanwhile, bond markets saw sharp moves, with the 20-year government bond yield climbing to 2.645%, its highest in 26 years. The 10-year yield rose to 1.61%, a level not seen in 17 years.
South Korea and China Mixed
South Korea’s Kospi managed a 0.37% gain to 3,141.74, though the Kosdaq was flat at 777.24.
In China, the CSI 300 rose 0.39% to 4,288.07, while Hong Kong’s Hang Seng Index slipped 0.22% to 25,109.43.
Tech heavyweight Baidu fell as much as 5% after reporting quarterly revenue of 32.71 billion yuan ($4.56B), down 3.7% year-on-year and slightly missing analysts’ expectations of 32.76 billion yuan, according to LSEG data.
Wall Street Ends Lower as Tech Drags
U.S. futures were little changed during Asia trading hours. Overnight in New York, two of the three main benchmarks declined:
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The S&P 500 slipped 0.24% to 6,395.78, marking its fourth straight day of losses.
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The Nasdaq Composite fell 0.67% to 21,172.86, its second consecutive down session.
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The Dow Jones Industrial Average edged up 0.04% to 44,938.31, bucking the broader trend.
Summary
Asian markets showed mixed performance, but Australia stood out by crossing the 9,000 threshold for the first time, supported by sharp gains in select stocks. India’s strong PMI reading lifted local sentiment, while Japan faced pressure from both equities and surging bond yields. In China, Baidu’s revenue miss weighed on tech stocks, dragging the Hang Seng lower despite gains in the mainland CSI 300. Meanwhile, Wall Street struggled under the weight of tech selloffs, with the S&P 500 and Nasdaq extending losing streaks.
