Tokyo, Japan is a bustling metropolis that boasts a unique urban landscape. Surrounding industrial factories are newer apartment buildings along a canal, showcasing the city’s juxtaposition of old and new. This can be seen in various aspects of the city.
On Wednesday, most stocks in the Asia-Pacific markets rose following comments from U.S. Federal Reserve Chair Jerome Powell about progress in reining in inflation. Investors were also analyzing data from the region, including Japan’s private sector activity which decreased for the first time in seven months. The composite purchasing managers’ index fell to 49.7 in June due to a reduction in services activity outweighing a slight increase in manufacturing output. Meanwhile, China’s Caixin services purchasing managers’ index indicated expansion in the services sector but 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 but mainland China’s CSI 300 experienced a slight decline.
Alibaba made headlines for repurchasing 613 million of its ordinary shares for $5.8 billion in the quarter ending June, leading to an increase of 1.7% in its stock price. In the U.S., major indices like the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all saw gains with Tesla shares playing a significant role in lifting S&P 500 after exceeding delivery expectations for Q2
