Asian markets traded mostly higher on Thursday, tracking overnight gains on Wall Street after the US Federal Reserve kept interest rates unchanged at 3.75%-4%. Investors are now awaiting the Bank of Japan's (BOJ) monetary policy decision, due on Friday, October 30.
South Korea's Kospi jumped nearly 1.5%, while Japan's Nikkei 225 rose 0.87% in early trade. Australia's S&P/ASX 200 gained 0.22%, and New Zealand's NZX 50 advanced around 0.5%. Japan's Topix, however, slipped 0.2%.
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The BOJ's two-day Monetary Policy Meeting will begin today, October 29, and will conclude tomorrow i.e. Friday, October 30, when the central bank is scheduled to announce its policy decision and release its statement. The Street expects the Bank of Japan (BOJ) to keep its benchmark interest rate unchanged at 1.25%.
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Wall Street Ends Higher After Fed Rate Decision
US stocks closed higher overnight after the Federal Reserve left interest rates unchanged. The Nasdaq Composite gained 0.27%, the S&P 500 rose 0.28% to mark its third consecutive session of gains, and the Dow Jones Industrial Average advanced 0.19%.
The Fed said inflation remained elevated and indicated that policymakers wanted to assess more economic data before deciding on further policy action.
In after-hours trading, Microsoft shares advanced around 3% after the company reported fiscal first-quarter results that beat market expectations on revenue and earnings. Growth in its Azure cloud infrastructure business supported the results.
Alphabet shares, meanwhile, fell around 9% after its third-quarter adjusted earnings per share and revenue missed expectations. The company also reported negative free cash flow of $9.07 billion and maintained its full-year capital expenditure forecast at $195 billion to $205 billion.
Investors will now watch out for the September Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, due today. The first estimate of US third-quarter gross domestic product and weekly jobless claims are also scheduled for release.
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