Asia-Pacific markets advance amid US Fed anticipation

Asia-Pacific markets advanced as investors awaited the latest data from the US Fed on its rate hikes as the central bank tries to balance its fight against inflation and pause banking volatility.

Japan’s Nikkei 225 led regional gains, advancing 1.94% to close at 27,467. The Topix was up 1.75% to end at 1962.93.

Hong Kong’s Hang Seng Index advanced 1.76%, while the Hang Seng Tech Index advanced 1.01%.

Australia’s S&P/ASX 20 rose 0.87% to close at 7,015.6, and South Korea’s Kospi gained 1.22% to close at 2,416.97.

In China, the Shanghai Composite advanced 0.31% to close at 3,265.75, while the Shenzhen Composite advanced 0.61% to close at 11,496.93.

Wall Street Rallies with S&P 500 Closing Above 4,000

All three major US indexes rose overnight as Wall Street extended a rally, with the S&P 500 gaining 1.3% to close at 4,002.88 — its first close above the 4,000 mark since early March.

The Dow Jones Industrial Average advanced 0.98%, while the Nasdaq Composite added 1.59% to lead the U.S. gain.

Shares of GameStop jumped 40% in premarket trading after the company reported its first quarterly growth in two years.

GameStop’s net income was $48.23 million, a significant change from a loss of $147.53 million a year ago. However, the company’s sales slipped 1.2% from a year earlier to $2.23 billion amid pressure from software sales and more closed stores. Two thousand twenty-two sales fell 1.42% year over year to $5.94 billion.

U.S. stock futures headed for a volatile open as Wall Street awaited the Federal Reserve’s latest interest rate decision amid a fast-moving banking crisis.

Futures tied to the S&P 500 and Dow Jones Industrial Average futures advanced sharply. Contracts on the tech-heavy Nasdaq Composite retreated nearly 0.22%.

The benchmark 10-year Treasury yield advanced to 3.8%. Oil prices retreated, with WTI oil prices retreating to $69.52 a barrel.