South Korea’s central bank on Thursday raised its key interest rate by a quarter of a percentage point, as expected, in a bid to curb inflation and prevent capital outflows as the U.S. Federal Reserve prepares for further rate hikes.
Jung Young Jae | AFP | Getty Images
Asia-Pacific markets were set to open higher on Thursday, tracking Wall Street gains, as strong earnings from Nvidia and Oracle lifted investor sentiment. U.S. stocks rose overnight, with tech stocks leading the way.
Australia’s S&P/ASX 200 index rose 0.8%, hitting a record high in early trade.
Japanese Nikkei Stock Average Futures in Osaka traded at 59,650, compared to the previous close of 58,583.12, suggesting the market was more focused. Meanwhile, Chicago futures were at $59,480.
Hong Kong Hang Seng Index Futures last traded at 26,947, above HSI’s Wednesday closing price of 26,765.72.
The Bank of Korea is scheduled to announce its interest rate decision on the same day. South Korea’s central bank is expected to keep interest rates unchanged, according to a Reuters survey of economists.
Overnight in the US, stock prices rose on the previous trading day’s profits, helped by Nvidia and Oracle.
The S&P 500 Index rose 0.81% to close at 6,946.13, and the Nasdaq Composite Index rose 1.26% to 23,152.08. The Dow Jones Industrial Average rose 307.65 points, or 0.63%, to settle at 49,482.15.
Nvidia reported fiscal fourth-quarter results that beat Wall Street expectations as revenue from its core data center division rose 75%. Shares rose as much as 2% in extended trading after the announcement.
The company reported adjusted earnings per share of $1.62, beating the $1.53 expected by analysts surveyed by LSEG. Revenue was $68.13 billion, exceeding expectations of $66.21 billion.
—CNBC’s Sean Conlon and Pia Singh contributed to this report.
