Shares in the Asia-Pacific traded higher on Tuesday after Wall Street’s rally overnight.
The Nikkei 225 gained 380.35 points, or 1.4%, to close Tuesday at 27,156.14.
Japan’s yen touched 149.08 against the U.S. dollar and was last trading near 149.
In Hong Kong, the Hang Seng hiked 301.68 points, or 1.8%, to 16,914.58.
Asia-Pacific’s travel industry may be the first to reach pre-pandemic levels of contribution to the regional growth, according to a new report by the World Travel & Tourism Council (WTTC).
Other regions are forecasted to return to 2019 levels in 2024, the report said.
WTTC estimates that in 2025, travel revenue in APAC will contribute 32% more to the region’s GDP than it did before the pandemic.
The Reserve Bank of Australia released its meeting minutes for its October meeting.
The RBA has more flexibility on the “size and timing of rate increases” because its board holds more meetings compared to other central banks in the region, RBA Deputy Governor Michele Bullock said.
It is able to “achieve similar tightening” with smaller individual rate increases, Bullock said, speaking at the Australian Finance Industry Association.
The Australian dollar rose 0.19% against the U.S. dollar and last traded at $0.6302.
New Zealand’s consumer prices rose 7.2% in the third quarter compared to the same period last year, much higher than the 6.6% predicted by analysts in a Reuters poll.
Prices rose 2.2% from the second quarter, driven by food, housing and utilities, Stats NZ said.
CHINA
In Shanghai, the CSI 300 waned 8.14 points, or 0.2%, to 3,838.27
China was due to report gross domestic product data, but has delayed that and a slew of economic releases for the third quarter, according to an updated calendar posted on the National Bureau of Statistics’ website. The unusual move comes as the Communist Party of China holds its 20th National Congress.
In other markets
In Singapore, the Straits Times Index improved 10.13 points, or 0.3%, to 3,025.88.
In Korea, the Kospi index took on 30.24 points, or 1.4%, to 2,249.95.
In Taiwan, the Taiex climbed 158.63 points, or 1.2%, to 13,124.68
In Australia, the ASX 200 jumped 114.78 points, 1.7%, to 6,779.22.
In New Zealand, the NZX 50 leaped 61.42 points, or 0.6%, to 10,847.34.
