Asia-Pacific stocks rise as South Korean stocks lead gains


SINGAPORE – Asia-Pacific stocks rose Thursday morning, with South Korean stocks leading the gains.

The Nikkei 225 in Japan rose 0.76% at the start of the session while the Topix index climbed 0.23%. South Korean Kospi jumped 1.13%.

Elsewhere, stocks in Australia were up as well, with the S & P / ASX 200 up 0.5%.

The MSCI’s largest Asia-Pacific stock index outside of Japan traded up 0.29%.

Mainland Chinese markets remain closed for the holidays on Thursday.

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Overnight in the United States, the Dow Jones Industrial Average rose 102.32 points to 34,416.99 while the S&P 500 gained 0.41% to 4,363.55. The Nasdaq Composite rose 0.47% to 14,501.91.

These gains on Wall Street are due to growing optimism about a deal on the US debt ceiling. Global markets have had a choppy start to October so far amid fears of rising rates and inflation.

The benchmark yield on 10-year US Treasuries recently crossed 1.5% and stayed well above that level, last standing at 1.5276%.

Currencies and oil

The The US dollar index, which tracks the greenback against a basket of its peers, was at 94.225 after recently falling below 94.2.

The Japanese yen was trading at 111.33 per dollar, stronger than the levels above 111.6 seen yesterday. The Australian dollar changed hands at $ 0.7278 after yesterday’s rebound below $ 0.724.

Oil prices were down on the morning of Asian trading hours, with international benchmark Brent crude futures down 0.12% to $ 80.98 a barrel. US crude futures fell 0.45% to $ 77.08 a barrel.

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