Investing.com - Boosted by a strong session on Wall Street, shares in the Asia-Pacific region, including S&P/ASX 200, KOSPI 200, and Nikkei 225 opened higher on Thursday, posting gains in the range of 0.7% to 1.1%.
In the US, investor confidence that interest rate cuts are imminent has driven the S&P 500 and NASDAQ Composite to new records. The S&P 500 achieved its sixth consecutive record close, and all 11 of its sectors saw growth. The Nasdaq Composite recorded its seventh successive record, while the Dow Jones Industrial Average also rose, ending a two-day losing streak.
Federal Reserve Chair Jerome Powell, testifying to a House committee, suggested that the labor market is cooling, and any further softening might be unwelcome. Investors have welcomed signs that lower interest rates may be on the horizon.
Tech stocks performed well, with NVIDIA Corporation (NASDAQ:NVDA) up 2.7%, Apple Inc (NASDAQ:AAPL) up 1.9%, and Microsoft Corporation (NASDAQ:MSFT) gaining 1.5%. Tesla Inc (NASDAQ:TSLA) also continued its upward trend, climbing 0.4% in an 11th consecutive session of gains.
Among bond markets, the yield on the benchmark 10-year U.S. Treasury note fell to 4.280%. In commodities, Brent crude oil was up 0.9% to US$85.39 a barrel, while gold remained flat at US$2,371.49.
Chinese shares ended lower amid subdued investor sentiment, with the Shanghai Composite Index falling 0.7%. Hong Kong shares also ended lower, with the Hang Seng Index declining 0.3%.
The Nikkei Stock Average rose 0.6% to a new record high of 41,831.99, led by gains in financial stocks. India's Sensex closed 0.5% lower at 79,924.77 due to profit-taking and market uncertainties regarding Fed rate cuts.
In Europe, UK stocks rose, with the FTSE 100 Index adding 0.7%. Other European markets also closed higher, with the STOXX Europe 600 Index up 0.9%, Germany's DAX adding 0.9%, and France's CAC 40 gaining 0.9%.