Asian markets showed mixed reactions Wednesday amid significant political and economic developments. Japan's Nikkei 225 dipped slightly by 0.1% to 36,192.93 in morning trading, despite initially rising on news that Prime Minister Fumio Kishida will not seek re-election for the ruling party. This move comes as Kishida faces public backlash due to corruption scandals and waning popularity. Investors speculate that the Liberal Democratic Party might opt for a younger candidate like Shinjiro Koizumi, the 40-something son of former Prime Minister Junichiro Koizumi, potentially steering leadership away from older politicians.
Meanwhile, Australia's S&P/ASX 200 climbed 0.5% to 7,869.40, and South Korea's Kospi gained 0.7% to 2,640.10. Conversely, Hong Kong's Hang Seng slipped 0.3% to 17,127.65, and the Shanghai Composite fell 0.4% to 2,857.90. Furthermore, optimism grew among investors following an overnight surge on Wall Street, where the S&P 500 rose 1.7%, the Dow Jones Industrial Average added 408 points, and the Nasdaq composite increased by 2.3%. This rally was driven by better-than-expected inflation reports, giving hope that the US Federal Reserve may reduce interest rates soon.
In energy markets, US crude prices increased by 50 cents to $78.85 per barrel, while Brent crude saw a rise of 44 cents to $81.13 per barrel. On the currency front, the US dollar edged down to 146.82 yen, and the euro remained stable at $1.0994. Upcoming economic data out of Japan, including machinery orders and trade statistics, will be scrutinized next week. (This story was generated by Newser's AI chatbot. Source: the AP)
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