- Asian markets rose following Wall Street gains with Nikkei up 2.71% and Kospi hitting 5%
- Japan's household spending fell 6.8% YoY in September, marking the steepest decline since 2020
- Japan's current account surplus dropped to JPY 2,372.3 billion in September, below expectations
Asian markets were buzzing in trade on Tuesday, November 10, tracking gains on Wall Street.
Japan's Nikkei 225 rose 2.71%, while the broader Topix gained 2.23%. South Korea's Kospi rallied as much as 5%, triggering a temporary trading halt. Australia's S&P/ASX 200 also advanced 1%.
Here are the three key things to know:
Japan's household spending fell 6.8% year-on-year (YoY) in September 2026, compared with a 3.1% decline expected by economists. The contraction deepened from August and marked the tenth consecutive month of decline. It was also the steepest fall since September 2020, as inflation and higher borrowing costs continued to weigh on household budgets.
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Japan's current account surplus declined to JPY 2,372.3 billion in September 2026, from JPY 4,375.8 billion in the corresponding month last year. The figure was also below market expectations of JPY 3,354.4 billion.
Meanwhile, Australia's Westpac–Melbourne Institute Consumer Sentiment Index fell 2.7% month-on-month to 78.2 in November 2026, its lowest level since November 2022.
The index has now declined for three consecutive months, following a 4.7% drop in October. Persistent cost-of-living pressures and higher borrowing costs continued to weigh on consumer sentiment and mortgage affordability.
Wall Street Rally Lifts Asian Markets
On Wall Street, the Dow Jones Industrial Average gained 1,104 points, or 2.2%, during Monday's regular session. The S&P 500 advanced 2.4%, while the Nasdaq Composite rose 2.7%.
The rally followed a week of losses, as concerns over a possible slowdown in data centre investments weighed on technology stocks. The concerns came after Democrats recorded gains in the US midterm elections.
However, Nvidia did not participate in the broader technology sector rally. Its shares fell 4% after reports concerning CEO Jensen Huang and an alleged foreign intelligence operation involving a woman linked to China's Ministry of State Security. Nvidia's board of directors subsequently announced an independent internal investigation.
Oil prices also supported market sentiment. US West Texas Intermediate crude futures settled more than 4% lower on Monday, while Brent crude futures declined over 5%.
Investors are now awaiting the release of the US consumer price index (CPI) report for October, scheduled for Tuesday, for further cues on inflation and the Federal Reserve's interest rate outlook.
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