Asia-Pacific stocks traded higher Monday, mirroring Wall Street’s Friday gains, as investors awaited China’s key lending rate decision due later in the day.
A Reuters poll suggested Beijing will keep loan prime rates unchanged, following its decision to hold a key rate steady after the U.S. Federal Reserve cut rates by 25 basis points.
Japan’s Nikkei 225 jumped 1.17% to 45,571.31, while the Topix gained 0.58%. South Korea’s Kospi rose 0.56% and the Kosdaq climbed 0.7%. Australia’s S&P/ASX 200 added 0.43%.
Hong Kong’s Hang Seng Index was flat, last trading near 26,545, while China’s Shanghai Composite hovered unchanged at 3,820.06.
Meanwhile, U.S. equity futures were steady in early Asian hours. The Dow Jones and S&P 500 closed at record highs Friday, boosted by the Fed’s quarter-point cut. Investors now expect two more cuts before year-end, according to the CME FedWatch tool.
On Wall Street, the Dow advanced 0.37% to 46,315.27, the S&P 500 gained 0.49% to 6,664.36, and the Nasdaq rose 0.72% to 22,631.48.