Global markets painted a mixed picture as the new quarter opened.
Japan's Nikkei 225 jumped 3.1 percent to close at 68,840, led by gains in chip and artificial intelligence-related stocks, as investors continued to reward companies seen as benefiting from the global buildout of AI computing infrastructure. The rally came alongside a reading from Japan's closely watched Tankan survey of large manufacturers, which came in at 24, just below the forecast of 25 but up from 22 in the previous reading, suggesting steady if unspectacular confidence among Japan's biggest industrial firms.
South Korea's KOSPI rose 1.6 percent to 6,946, supported by data showing the country's September exports jumped sharply from a year earlier, a sign of continued strength in the trade-dependent economy. Not every market in the region moved higher, however. Australia's ASX 200 fell 1.8 percent to 8,635 after a reading on the country's manufacturing sector showed activity slipping, with the index at 49.6, a level that generally indicates contraction. In India, the Nifty 50 eased 0.3 percent to 22,563, extending a cautious tone that brokerages including IIFL Capital and Nuvama have attributed to defensive positioning heading into the new derivatives series and continued selling by foreign investors. Meanwhile, markets in mainland China and Hong Kong were closed entirely for China's National Day holiday, with the Hang Seng and Shanghai Composite both having closed their prior sessions with modest gains of 0.4 percent and 0.3 percent respectively.
On Wall Street, Wednesday's session was comparatively quiet. The S&P 500 slipped 0.25 percent to 7,652, the Dow Jones Industrial Average fell 0.86 percent to 50,906, and the Nasdaq Composite edged up 0.24 percent to 26,861, as investors digested the latest inflation data, which came in better than expected. In currency markets, the euro slipped slightly against the dollar to 1.1316, while the dollar strengthened against the Japanese yen to 158.33.
Watch for Chinese markets to reopen after the National Day holiday and for further clarity on how AI-related demand is feeding through to chipmakers' results this earnings season.
Why did Japan's stock market jump so much?
The Nikkei 225 rose 3.1 percent on strength in chip and AI-related stocks.
Why were Chinese markets closed?
Mainland China and Hong Kong markets were shut for China's National Day holiday.