Australia consumer sentiment, business confidence

Australia consumer sentiment, business confidence

Sydney Building take from Cremorne Point.

Brook Attakorn | Moment | Getty Images

Asia-Pacific markets opened higher on Tuesday, tracking gains on Wall Street that saw the S&P 500 and the Nasdaq Composite closing at record highs overnight.

Japan’s Nikkei 225 rose 1%, while the Topix inched up 0.27%.

South Korea’s Kospi climbed 0.3% as shares of heavyweight Samsung Electronics gained 0.57%, even as the company’s largest union continued its three-day strike as it seeks better pay. Hyundai on the other hand reached a tentative wage agreement with its labor union, averting a strike. Hyundai shares slid 1.59%.

Hong Kong’s Hang Seng index futures were at 17,534, higher than the HSI’s last close of 17,524.06.

Chinese electric vehicle giant BYD is set to invest $1 billion in Turkey to open a plant with an annual capacity of 150,000 vehicles, Turkey’s industry and technology minister Mehmet Fatih Kacir said on Monday.

“The facility, which is planned to start production at the end of 2026, will directly employ up to 5,000 people,” he said on social media platform X. Last week, the European Union had hiked tariffs on electric vehicles imported from China.

Australia’s S&P/ASX 200 added 0.65%, even as the country’s consumer sentiment for July dipped 1.1% compared with 1.7% increase in the previous month. Traders in Asia will also watch out for Australia’s business confidence data due later in the day.

Investors are also looking forward to the upcoming release of the U.S. consumer price index on Thursday for hints on the Federal Reserve’s interest rate decision. Meanwhile, China’s inflation data on Wednesday will provide insights on the state of the country’s economic recovery.

Overnight in the U.S., the S&P 500 and Nasdaq closed at record highs. Earnings from some major financial giants and consumer companies are also on traders’ watchlists this week.

—CNBC’s Brian Evans and Pia Singh contributed to this report.

Original news source Credit: www.cnbc.com

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