Asia-Pacific markets traded higher on Wednesday, after stocks on Wall Street saw a second day of gains on an inflation print that came in cooler than expected.
In Japan, the Nikkei 225 hiked 201.36 points, or 0.7%, to 28,156,21.
Sentiment at Japan’s large manufacturers worsened in the fourth quarter, according to the Bank of Japan’s quarterly tankan business sentiment survey.
The headline index for large manufacturers’ sentiment came in at 7, a decline from the previous quarter’s reading of 8. The index for small manufacturing slightly improved to -2 in the fourth quarter from -4 in the previous quarter.
In Hong Kong, the Hang Seng gained 77.25 points, or 0.4%, to 19,673.45.
The New Zealand Treasury is expecting the economy to enter a technical recession within 2023, according to its Half Year Economic and Fiscal Update report.
The report predicted three consecutive quarters of contraction in 2023, slightly longer than a technical recession, which is commonly defined as two consecutive quarters of declines.
CHINA
In Shanghai, the CSI 300 settled 8.12 points, or 0.3%, to 2,368.08, as traders watched for updates on a key economic policy meeting that has reportedly been delayed on a surge of COVID infections.
Morgan Stanley raised its 2023 outlook for China’s economy in a note released Wednesday morning in Asia.
“Investor positioning in China’s assets is still low and this recovery is not fully priced in equity and FX markets,” the note said, adding the revision reflects a rebound in activity predicted to come earlier than expected.
In other markets
In Taiwan, the Taiex zoomed 216.4 points, or 1.5%, to 14,739.36
In Korea, the Kospi index restocked 26.85 points, or 1.1%, to 2,399.25.
In Singapore, the Straits Times Index eked up 7.29 points, or 0.2%, to 3,278.57.
In Australia, the ASX 200 gathered 48.03 points, or 0.7%, to 7,251.03
In New Zealand, the NZX 50 slid 16.42 points, or 0.1%, to 11,585.
