People watch the first sunrise of the new year from a footbridge overlooking the city skyline in Seoul on January 1, 2024.
Jung Yeon-je | Afp | Getty Images
Asia-Pacific markets opened mostly higher on Thursday, as investors assess flash business activity data from Australia, Japan and India throughout the trading day and keep an eye on the Bank of Korea’s rate decision.
The BOK is expected to hold rates at 3.5%, but traders will watch the language used in its release to see if any policy easing is on the cards.
This comes after the Federal Reserve released minutes for its July meeting, where the summary revealed that some participants made the case to ease rates at the July meeting instead of September.
However, “the vast majority” of participants at the July 30-31 meeting “observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting,” the summary said.
Japan’s Nikkei 225 was flat on its open, while the broad based Topix was down 0.11%.
South Korea’s Kospi was 0.35% up and the small-cap Kosdaq climbed 0.39%.
Hong Kong’s Hang Seng index futures were at 17,514, higher than the HSI’s last close of 17,391.01.
Australia’s S&P/ASX 200 rose 0.26%, after the country’s flash composite purchasing managers index in August increased to 51.4 from 49.9 the month before, reaching a three-month high and underpinned by rising services activity, Judo Bank said.
In the U.S., all three major benchmarks gained after the Fed minutes reinforced hope for lower rates in the near future.
The S&P 500 added 0.42%, bringing the benchmark within 1% of its all-time record close. The tech heavy Nasdaq Composite climbed 0.57%, and the Dow Jones Industrial Average ticked up by 0.14%.
—CNBC’s Alex Harring and Samantha Subin contributed to this report.