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Asia Rebounds as Wall Street Turns Positive

Asia-Pacific markets largely rose on Wednesday after bank stocks on Wall Street rebounded on optimism of contagion risks from Silicon Valley Bank being contained. The U.S. inflation print for February was in line with expectations at annualized 6% rise.

The Nikkei 225 in Japan acquired 7.94 points to 27,229.48, turning flat after paring earlier gains led by banks and financials.

In Hong Kong, the Hang Seng Index regained 291.01 points, or 1.5%, to 19,539.87.

Korean markets also improved, as the country’s unemployment rate slightly fell month-on-month in February.

Samsung Electronics said on Wednesday that it will build five new domestic semiconductor plants in South Korea, Nikkei reported, in what the South Korean government said was a 300-trillion-won ($230 billion U.S.) investment over the next approximately 20 years.


In China, the CSI 300 inched higher 2.2 points, or 0.1%, to 3,986.90, as investors further digested economic data out of China. The People’s Bank of China kept its medium-term lending facility loan rates unchanged at 2.75%.

In other markets

In Singapore, the Straits Times jumped 43.17 points, or 1.4%, to 3,172.92.

In Taiwan, the Taiex moved upward 27.17 points, or 0.2%, to 15,387.59.

In Korea, the Kospi recovered 30.75 points, or 1.3%, to 2,379.92.

In New Zealand, the NZX 50 recouped 21.8 points, or 0.2%, to 11,615.27.

In Australia, the ASX 200 restocked 60.04 points, or 0.9%, to 7,068.92.