Markets in the Asia-Pacific traded mostly higher as the Federal Reserve signaled further rate hikes ahead.
The U.S. ADP private payrolls report said employers added 235,000 jobs in December — showing a strong labor market despite the Fed’s attempt to tame inflation and suggesting there is room for higher rates.
South Korea’s Kospi gained 1.12% to 2,289.97. Australia’s S&P/ASX 200 rose 0.65% to close at 7,109.600. The Nikkei 225 in Japan rose 0.59% to close at 25,973.85 and the Topix inched up 0.37% to 1,875.76.
Hong Kong’s Hang Seng index pared most of its gains and was marginally lower in its final hour of trade as China reportedly signaled more supportive measures for its property sector ahead. The Shanghai Composite gained 0.08% to close at 3,157.64 and the Shenzhen Component rose 0.32% to 11,367.73.
Natural gas fell more than 10% and hit a low of $3.651, its lowest level since Jan. 3, 2022 — on pace for its fifth negative session. The U.S. dollar index is up 0.75%, on pace for its second positive session.
On Wall Street, the Dow closed 300 points lower as investors looked ahead to more jobs data scheduled to be released Friday stateside. Bed, Bath & Beyond shed nearly 30% after the company said it is short on cash and considering bankruptcy. All three major indexes are on track to notch five weeks of losses.
