Asia-Pacific markets rose Wednesday, tracking Wall Street gains on hopes that the U.S. Federal Reserve could cut benchmark interest rates in December.
The Nikkei 225 popped 899.55 points, or 1.9%, to 49,559.07, led by the utilities, real estate and financials sectors. Among the top movers on the index were printing company Toppan Holdings, which advanced 6.27% and tech-focused investment firm SoftBank Group, which rose 5.65%.
Japanese tech stocks advanced for a second consecutive session, with semiconductor testing equipment supplier Advantest rising 2% and Tokyo Electron gaining 0.23%. Lasertec captured 0.5% and chipmaker Renesas Electronics rose 3.2%.
Shares of Kioxia, however, plunged 14.89% after Nikkei reported late Monday that U.S. private equity firm Bain Capital was planning to unload about 350 billion yen ($2.24 billion U.S.) worth of Japanese memory chip maker’s shares. The block trade will trim Bain’s combined ownership in Kioxia to 44%, from 51%, the report said.
The Japanese supplier to Apple reported fiscal second-quarter earnings and guidance that missed expectations after the bell on Nov. 13. The company’s shares plummeted 23.03% the next day.
In Hong Kong, the Hang Seng squeezed higher 33.53 points, or 0.1%, to 25,928.08.
Hong Kong-listed shares of Alibaba Group fell 1.3% after its fiscal second-quarter report on Tuesday showed adjusted EBITA, a profitability measure closely watched by analysts, fell 78% year on year, dragged by its instant commerce business segment. Revenue topped estimates.
Taiwan’s index strode higher, with shares of Hon Hai Precision Industry — also known as Foxconn — climbing 3.65%. The Nvidia supplier said Wisconsin Economic Development Corporation had approved a contract amendment providing up to $16 million in additional performance-based tax incentives to Foxconn to help expand its operations in Racine County and invest an additional $569 million.
Expectations rose after Bloomberg reported that White House National Economic Council Director Kevin Hassett was being considered as the frontrunner to become the next Fed chair. Investors see Hassett as someone more likely to push the central bank toward a lower-rate environment favored by President Donald Trump.
U.S. Treasury Secretary Scott Bessent told reporters on Tuesday that there was a “very good chance” that Trump could name a new Fed chair before Christmas.
Shares of Lotte Corp — one of Korea’s biggest chaebols, or family-run conglomerates — pared some losses to close 6.09% lower after it announced on Wednesday plans to spin off and merge its business, Lotte Chemical, with HD Hyundai Chemical.
Lotte Corp was one of the biggest losers on the Kospi index.
In other markets
The CSI 300 in Shanghai nosed ahead 27.22 points, or 0.6%, to 4,517.63.
In Korea, the Kospi gained 103.09 points, or 2.7%, to 3,960.87.
In Singapore, the Straits Times Index recovered 15.93 points, or 0.4%, to 4,501.56.
In Taiwan, the Taiex zoomed 497.37 points, or 1.9%, to 27,409.54.
In New Zealand, the NZX 50 regrouped 81.58 points, or 0.6%, to 13.562.01.
In Australia, the ASX 200 picked up 69.49 points, or 0.8%, to 8,606.54.
