Investing.com - Share markets across the Asia-Pacific region are set for an uplift, following the trend set by Wall Street, as investors are increasingly confident that central banks might have concluded their cycle of interest rate hikes.
By 11:00 am AEDT (12:00 am GMT) the ASX 200 was up 0.9% while Nikkei 225 futures ticked 0.1% lower.
Among US markets, the Dow Jones Industrial Average rose by 564 points or 1.7% to 33839, while the S&P 500 and Nasdaq also saw gains of 1.9% and 1.8%, respectively.
Investors are now keenly awaiting October's payrolls data. In the commodities markets, Brent crude oil rose 2.6% to US$86.81 a barrel, while gold remained steady at US$1,985.47.
In the local bond markets, the yield on Australian 2 Year government bonds fell to 4.36%, and the 10 Year yield also decreased to 4.79%. US Treasury notes followed suit, with the 2 Year yield at 4.99% and the 10 Year yield at 4.66%.
The Australian dollar strengthened to 64.26 US cents from its previous close of 63.91, while the US Dollar Index was at 106.2.
In Asia, Chinese shares closed lower, impacted by the semiconductor and hardware stocks. However, the auto sector showed strong performance, buoyed by robust new energy vehicle sales in October. Hong Kong shares closed higher, led by tech and real estate stocks, following Wall Street's gains and the US Federal Reserve's decision to maintain interest rates.
In Europe, stocks rose as investors were heartened by the decision of central banks to keep interest rates unchanged. Property shares also increased, with Finnish real estate firm Kojamo reporting higher revenue and net rental income for the third quarter. The FTSE 100 closed up 1.42% after the Bank of England decided to hold rates steady, fuelling hopes that the tightening cycle might be over.