The stock market in Asia and Europe had a mixed day, with the majority of stock markets across the Asia-Pacific region rising across the board, while European markets had a mixed day. While South Korea’s rally led Asian markets, European stocks faced downside pressure from weak luxury goods stocks.
South Korea leads the rise in Asian stocks
South Korea topped the list on Wednesday among Asia-Pacific stocks, supported by a rise in technology stocks. South Korea’s Kospi index ended the day with a 1.98% gain at 2,450.08 points, hitting its highest level in two weeks, while electronics giant Samsung shares jumped 2.71%.
Japan’s Nikkei 225 rose 0.6% to 31,936.51 points, its highest level in more than two weeks. This stability can be attributed to a recent Reuters Tankan poll, which indicated stable business sentiment among major Japanese companies.
Hong Kong’s Hang Seng Index rose 1.4% in the final hour of trading, on track to rise for the fifth straight session. In Hong Kong, investor optimism was boosted on Wednesday after a Bloomberg report said the government was considering increasing investment in construction to support the economy.
Mainland Chinese markets ended higher, with the benchmark CSI 300 index rising 0.28% to 3,667.55 points.
European stocks show mixed returns
European stocks fell on Wednesday, with luxury group LVMH pushing the sector lower on disappointing sales, while Novo Nordisk rose after a positive update on its diabetes treatment Ozempic.
The European STOXX 600 index rose 0.1 percent to its highest level in a week, while most regional markets were neutral. The French blue-chip index FCHI underperformed most other indices, recording a decline of 0.6% on the daily charts.
LVMH stock fell 6.6% to a 10-month low after announcing a 9% increase in third-quarter revenue, signaling slowing growth as a large wave of post-pandemic spending eases. Shares of Hermes and Kering fell more than 2% each.
Vintage Finance is dedicated to in-depth exploration and reporting of traditional financial news, tracing the journey of global markets and economies from the Stone Age to the Stone Age.