People walk past Shenzhen Stock Exchange building on March 9, 2016 in Shenzhen, China.
Zhong Zhi | Getty Images
Japan stocks surged following better-than-expected export figures, ahead of other economic data from Australia, Singapore and New Zealand.
Japan's Nikkei 225 increased 0.76% while the Topix index added 0.83% after the country reported better-than-expected exports growth for July compared to a year ago. Its exports growth of 19% beat the 18.2% expected by analysts in a Refinitiv poll, driven by a strong recovery in car exports.
Elsewhere, the Kospi is also up 0.33%, while the S&P/ASX 200 in Australia rose 0.03%.
Investors will monitor shares of Chinese food delivery giant Meituan after the stock plunged 9% on Tuesday, following a report that Tencent is planning to sell the majority of its $24 billion stake in the company.
Other economic data expected later Wednesday include Singapore's trade and non-oil exports data as well as Australia's wage price index. The New Zealand central bank, which has been aggressively raising interest rates to curb inflation, will also meet for its monthly rate decision.
Overnight, Wall Street closed higher as Walmart, Home Depot and Bed Bath & Beyond gained following stronger-than-expected results and forecasts. Consumer spending could remain strong enough to keep the economy from tipping over into a downturn.
U.S. President Joe Biden signed the Inflation Reduction Act, a tax, health and climate bill and a significantly reduced version of the $1.75 trillion Build Back Better plan he was pushing for last year.
"trade" - Google News
August 17, 2022 at 07:04AM
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Asia-Pacific set to trade mixed; New Zealand producer prices rose more than expected - CNBC
"trade" - Google News
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