Asia Pacific markets traded higher on Thursday as investors digested Japan’s record trade deficit of 3.5 trillion yen ($26 billion) – according to Refinitiv data that dates back to March 2006. Investors also digested a stronger than expected U.S. retail sales report from Wall Street.
Hong Kong’s Hang Seng index led gains in the region as it surged 2%, while the Hang Seng Tech index jumped 3.53%. South Korea’s Kospi traded 1.81% higher, with the Kosdaq rising 2.2%.
In Japan, the Nikkei 225 rose 0.81% and the Topix inched up 0.73%. The Japanese yen slightly strengthened following the trade data release. In Australia, the S&P/ASX 200 was trading 0.72% higher, as unemployment figures for January came in higher than economists expected.
In mainland China, the Shenzhen Component gained 0.71%, and the Shanghai Composite rose 0.62%.
The Philippines’ central bank will also issue its latest decision on its interest rates in the afternoon, with economists expecting a rate hike of 50 basis points to 6%.
The Dow Jones Industrial Average led gains and gained more than 250 points from its intraday low to close at 34,128.05, while the S&P 500 and Nasdaq Composite closed 0.28% and 0.92% higher respectively.
