A block of industrial factories sits among newer apartment buildings along a canal in Tokyo, Japan.
Photo By Michael Russell | Moment | Getty Images
Asia-Pacific markets opened higher on Wednesday, after U.S. Federal Reserve Chair Jerome Powell noted there was progress on reining in inflation, while investors awaited a slew of data from the region.
Traders in Asia will assess June business activity data from India and China, set for release later in the day.
The au Jibun Bank reported that the Japan’s composite purchasing managers’ index fell to 49.7 in June, down sharply from 52.6 a month prior. This signals a decrease in Japanese private sector activity for the first time in seven months.
The bank noted that a slight reduction in services activity, the first decline since August 2022, outweighed a marginal increase in manufacturing output for the month.
Japan’s Nikkei 225 was up 0.84% extending its run above the 40,000 mark, while the broad-based Topix was up 0.08%.
South Korea’s Kospi started the morning up 0.26%, while the Kosdaq Index rose 0.5%.
Australia’s S&P/ASX 200 opened up 0.25% in early trade.
Hong Kong Hang Seng index futures were at 17,764, lower than the HSI’s last close of 17,769.14.
Overnight in the U.S., the Dow Jones Industrial Average gained 0.41%, the S&P 500 gained 0.62%, and the Nasdaq Composite jumped 0.84%. Both the Nasdaq and the S&P 500 hit record high closes.
Tesla shares helped lift the S&P 500 after Elon Musk’s electric vehicle company beat expected deliveries for the second quarter.
—CNBC’s Pia Singh and Sarah Min contributed to this report.