After several sessions with negative outcomes, the major Asian indicators have finally begun to increase. Shenzhen Composite and Shanghai Composite in China both increased, but at a slower rate - 0.24% and 0.28%, respectively. The S&P/ASX 200 in Australia increased by 0.48%, the Nikkei 225 in Japan increased by almost the same amount (0.46%), and the KOSPI increased by 0.75%. The largest gainer was the Hang Seng Index in Hong Kong (2.73%).
The increase in American indicators the day before was a major factor in the growth of Asian indices. This was a result of a rise in consumer confidence in the United States this month from its November level of 101.4 points to 108.3 points, which was higher than analysts' predictions of a rise to 101 points.
Even though worries about a potential economic downturn persist, consumer behavior continues to exhibit some signs of stability, which benefits the value of stocks.
The release of preliminary data on the growth in US GDP for the third quarter is also anticipated by the markets. The last quarter's GDP growth will be 2.9% year over year, analysts predict.
The index of leading indicators for October increased from September's 98.2 points to 98.6 points, according to the most recent statistics from Japan. Prior information predicted that this indicator would increase to 99 points.
Shares of Kawasaki Kisen Kaisha, Ltd., GS Yuasa Corp., and Mitsui Fudosan Co., Ltd., which collectively made up the Nikkei 225, saw price increases of 5%, 4.9%, and 4.6%, respectively.
Sony Group and Nintendo both showed a slightly smaller increase in the value of their securities, with increases of 0.8% and 1.9%, respectively.
In the meantime, China's central bank has given banks access to 157 billion yuan (22.5 billion US dollars) through the reverse repo program. 7-day transactions had a total volume of 4 billion yuan, and 14-day transactions had a total volume of 153 billion yuan.
On the Hong Kong stock exchange, the shares of Haidilao International Holding Ltd., Li Ning Co. Ltd., and Shenzhou International Group Holdings Ltd. all experienced greater gains than the market average. JD.com Inc. and Baidu Inc.'s quotes both increased by 5.9%. Meituan's shares increased by 5.7%, Alibaba's by 5%, and Xiaomi's by 4%.
Samsung Electronics shares and Hyundai Motor shares both saw price increases among the Korean KOSPI's constituents, rising by 1.2% and 1.6%, respectively.
The biggest Australian companies don't all have the same dynamics. Some businesses, including BHP (-0.2%) and Rio Tinto (-0.3%), show a decline in quotes. Other companies' stock prices are rising as well: National Australia Bank's shares decreased by 0.9%, and Commonwealth Bank of Australia securities increased by 0.85%.