Thursday, December 1, 2022
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Fed minutes, Bank of Korea decision, Sri Lanka

A woman and a child ride a bicycle past street market stalls in Seoul on October 1, 2021.

Anthony Wallace | AFP | Getty Images

Markets in the Asia-Pacific traded higher as the U.S. Federal Reserve officials said they expect to switch to smaller rate hikes “soon,” according to minutes released on Wednesday.

The S&P/ASX 200 in Australia rose 0.37% after stocks on Wall Street rose mildly following the Fed minutes release. The Nikkei 225 rose 1.34% and the Topix also traded 1.29% higher.

The Kospi rose 0.61% ahead of the Bank of Korea’s rate decision, which economists are expecting to see a scaled back hike of 25 basis points, according to Reuters.

Reports of mass protests at Chinese iPhone supplier Foxconn’s factory showed rare signs of dissent in the region of Zhengzhou city, as the country grapples with prolonged Covid restrictions.

Overnight in the U.S., stocks closed higher for a second day on hopes the central bank is seeing progress in its tight to tackle high inflation. Markets stateside are closed on Thursday for the Thanksgiving holiday and will close early on Friday.

– CNBC’s Carmen Reinicke and Sarah Min contributed to this report

Abdullah Anaman
Abdullah Anaman
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