Asian markets settle higher on Wednesday

07 Aug 2024 Evaluate

Asian markets settled higher on Wednesday tracking Wall Street gains overnight after key companies like Caterpillar and Uber Technologies reported solid earnings and Federal Reserve officials reassured markets that the US is not headed for a recession. Japanese shares gained after Bank of Japan Deputy Governor Shinichi Uchida sent a strong dovish signal in the wake of historic financial market volatility in Japan by pledging to refrain from hiking interest rates when the markets are unstable, while the yen depreciated to the 147-yen level after earlier trading in a 144-yen band. Moreover, Chinese shares marginally rose despite mixed trade data. Data showed that Chinese imports in July grew faster-than-expected, while exports missed forecasts. Meanwhile investors are eyeing on China's inflation figures later this week.

Asian Indices	Last Trade	Change in Points	Change in %
Shanghai Composite	2,869.83	2.55	0.09
Hang Seng	16,877.86	230.52	1.37
Jakarta Composite	7,212.13	82.91	1.15
KLSE Composite	1,591.87	17.48	1.11
Nikkei 225	35,089.62	414.16	1.18
Straits Times	3,249.72	51.28	1.58
KOSPI Composite	2,568.41	46.26	1.80
Taiwan Weighted	21,295.28	794.26	3.73

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