SINGAPORE — Asia-Pacific stocks traded higher on Thursday after a rally on Wall Street.
Hong Kong’s Hang Seng Index was up 2.15% in early trading, and the Hang Seng Tech Index was up 3.16%.
Alibaba shares rose about 5% ahead of its earnings results later on Thursday.
The Chinese e-commerce giant could see revenue decline for the first time on record, according to the median forecast from analysts at Refinitiv. But that could be the floor for Alibaba as revenue is expected to improve in the future.
Mainland Chinese markets also increased. The Shanghai Composite added 0.39% and the Shenzhen Component rose 0.44%.
Elsewhere in Asia, Japan’s Nikkei 225 rose 0.57%, while the Topix index was flat.
South Korea’s Kospi gained 0.55% and the Kosdaq advanced 1.08%.
In Australia, the S&P/ASX 200 added 0.29%.
MSCI’s broader index of Asia-Pacific shares outside of China rose 0.68%.
In the US last night, the Dow Jones Industrial Average and S&P 500 each gained more than 1%, while the Nasdaq Composite rose 2.59%, buoyed by tech stocks.
A better-than-expected services PMI reading for July gave investors confidence amid concerns about a US recession.
DBS, Singapore’s largest bank, reported a net profit of 1.82 billion Singapore dollars ($1.32 billion), the second highest in history, the bank said in a news release. That’s higher than Singapore’s average forecast of $1.7 billion, according to Refinitiv data.
The bank’s shares fell 1.42%.
A Reuters report citing a single source said the world’s largest battery maker, CATL, would continue to work to deliver lower-cost lithium-iron batteries to Ford Motor. CATL will also produce batteries in North America by 2026, according to Wednesday’s report.
Bloomberg News reported Tuesday that CATL was delaying its decision on a plant in North America.
CATL shares fell 0.26% on Thursday.
foreign exchange and oil
The US Dollar Index, which tracks the greenback against a basket of its peers, was at 106.328, higher than earlier this week.
The Japanese yen traded at 133.71 per dollar, weaker than levels seen earlier this week. The Australian dollar was trading at $0.6961.
Oil futures rose on Thursday after Brent closed 3.7% lower and US crude fell 4% on Wednesday after US data showed crude and gasoline stockpiles unexpectedly rose .
US crude rose 0.52% to $91.13 a barrel, while Brent crude gained 0.5% to $97.26 a barrel.