Asia-Pacific stocks close higher after Wall Street rally

Stocks in Asia and the Pacific closed higher on Monday (12), after a week of rally on Wall Street. Markets in China, South Korea and Hong Kong, however, did not operate due to local holidays.

In Tokyo, the Japanese stock index Nikkei rose 1.16% to 28,542.11 points, while in Taiwan, the Taiex rose 1.54% to 14,807.43 points. In Oceania, the Australian stock exchange was also in the blue, up 1.02% from the S&P/ASX 200, at 6,964.50 points.

Risk appetite in the Asia-Pacific region came after New York stocks secured solid weekly gains, breaking a three-week streak as demand grew for stocks that were relatively “cheap” during recent declines.

Global investors, however, remain concerned about the prospect of further rate hikes in the US and eurozone.

On Tuesday (13), attention will turn to the latest US consumer inflation (CPI) data, which should help the Federal Reserve (Fed, the US central bank) decide whether or not to raise its basic interest rates by more. 75 basis points, at the monetary policy meeting on the 21st.

Last Thursday (8), the European Central Bank (ECB) raised its interest rates by 75 basis points, intensifying the tightening of its monetary policy at a time of record inflation in the euro zone.