Asian markets largely gained ground on Tuesday, driven by falling oil prices and expectations that the Federal Reserve will suspend interest rate hikes until the end of the year. This upswing occurred despite cautious sentiments arising from escalating violence in the Israeli-Gaza region.
U.S. stocks, including the Dow Jones and tech-heavy stocks, recovered from early losses after dovish comments from Federal Reserve officials Mary Daly, Lorie Logan and Vice Chairman Philip Jefferson.
In Japan, shares posted their biggest one-day gain in nine months, rising an average of 2.43% after a long holiday weekend. On the other hand, South Korean stocks fell slightly due to the possible economic fallout from the conflict between Israel and Hamas.
Hong Kong’s stock rose 0.84% after a shortened trading session on Monday due to a typhoon. However, the index fell 0.70% as debt-ridden property developer Country Garden failed to meet an international debt payment. This development led to warnings about possible offshore payment failures, sending shares tumbling 8.3%.
Australian markets saw a substantial increase, fueled by a rise in prices and a 5.5% increase in Origin Energy following the approval of its takeover by Brookfield Corp. The All Ordinaries index also closed higher on the day.
New Zealand’s S&P/NZX 50 index rose 0.79%, adding to the overall positive performance of Asian shares on Tuesday.
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