Asian markets trade higher after US stocks rally for second day

People cross a street in Causeway Bay, Hong Kong.

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Asia-Pacific stocks traded higher on Wednesday after US stocks rallied for a second day.

Hong Kong’s Hang Seng index jumped and rose around 6% in the last hour of trading on its return from a public holiday on Tuesday. The Hang Seng Tech index rose 7.4%.

The Nikkei 225 in Japan rose 0.48% to close at 27,120.53, while the Topix added 0.32% to 1,912.92.

In South Korea, the Kospi rose 0.26% to 2,215.22 and the Kosdaq gave up early gains to close down 1.64% to 685.34. Inflation in South Korea eased slightly in September, official data showed on Wednesday.

Australia’s S&P/ASX 200 rose 1.74% to 6,815.70. MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 2.64%.

Mainland China markets remain closed for the Golden Week holiday, and the Indian stock market is also closed for the holiday.

On Wall Street overnight, stocks soared overnight in the United States for a second session. The Dow Jones Industrial Average jumped 825.43 points, or 2.8%, to 30,316.32. The S&P 500 rose nearly 3.1% to close at 3,790.93, and the Nasdaq Composite rose 3.3% to close at 11,176.41.

“There is no denying that incoming US economic data has played a role in the movements of stocks, bonds and currencies so far this week,” wrote Ray Attrill, head of FX strategy at National Australia Bank.

The U.S. report on job openings and labor turnover created a “big downside surprise” that couldn’t be ignored, he wrote. It is the “first significant sign of cracks” in the labor market, although it is still very tight, he added.

– CNBC’s Tanaya Macheel and Alex Harring contributed to this report.

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