On Tuesday, the majority of stocks in the Asia-Pacific region increased as a result of the Bank of Korea maintaining interest rates at 3.5%, as anticipated. The central bank of South Korea maintained interest rates steady for the second day in a row as the country struggles with a 4.2% inflation rate.
Following the action, South Korea’s Kospi index increased further and traded 1.42% higher to 2,547.86, while the Kosdaq rose 1.26% to 898.94.
For the first time since June 2022, Bitcoin crossed $30,000, while Ether was close to $2,000 at the moment.
S&P/ASX 200 Australia traded 1.26% higher to 7,309.9. The Nikkei 225 increased by 1.05% to 27,923.37 while the Topix increased by 0.78% to 1,991.85, driven by consumer and technology cyclicals.
In its last hour of trading, the Hang Seng index of Hong Kong trimmed previous gains and last traded 0.7% higher.
Markets on the Chinese mainland were divided as a result of the nation’s inflation figure, which came in at 0.7%, which was less than expected. The Shenzhen Component edged up 0.04% to settle at 11,877.15 and the Shanghai Composite dropped 0.05% to 3,313.6.
The S&P 500 increased somewhat overnight on Wall Street as investors anticipated important inflation data this week.
The Nasdaq Composite edged down by 0.03%, while the Dow Jones Industrial Average rose 0.3%, as tech companies declined, with Apple shares down 1.6% and Alphabet, parent company of Google, down 1.8%.
Tesla stock declined 0.3% as the firm announced another price cut on select electric vehicles.