Asian shares up in tandem with commodities
Asia Pacific stocks made gains on Wednesday, heading strongly into the session due to a rally in commodities and after US counterparts recorded a strong end to the last session.
Japan’s Nikkei 225 climbed up 0.36% by 9:45 PM ET (1:44 AM GMT).
South Korea’s KOSPI made a 0.23% increase, with the Bank of Korea handing down its latest policy decision on Thursday.
In Australia, the ASX 200 jumped 0.28%, and Hong Kong’s Hang Seng Index rose 0.66%.
China’s Shanghai Composite and the Shenzhen Component also went up 0.22% and 0.88%, respectively. As the country continues to tighten regulations on various sectors, the US Securities and Exchange Commission stated that it will issue expanded disclosure requirements for over 250 Chinese companies presently trading on US stock exchanges.
Commodities likewise made a strong opening, with crude oil floating above the $67-mark. The black liquid’s gain was due to China’s report that it had curbed its latest COVID-19 outbreak, easing fuel demand concerns.
In other related news, the US’ S&P 500 and the Nasdaq 100 both closed at record highs. The indexes were boosted by the 8% increase in Best Buy Co. Inc.’s shares following the report of strong consumer demand.