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The situation in the Asian Pacific stock market is quite positive. Thus, the Hong Kong Hang Seng Index added 0.01% and the Shanghai Composite rose by 0.13%. South Korea's KOSPI increased by 1.59%, Australia's S&P/ASX 200 advanced by 0.88%, and Japan's Nikkei 225 added 1.05%.
The optimism was mainly caused by the growth in stocks of the US high-tech sector. The NASDAQ increased by 0.5%, reflecting investors' intention to switch to risky assets.
The biggest online shopping event that took place on November 11 also added optimism. China's Alibaba reported that its revenue exceeded 540 billion yuan or $85.54 billion. During the festival, which lasted from November 1 to November 11, China's online stores sold goods for a total amount of $139 billion despite a fall in consumer spending.
At the same time, Alibaba's shares lost 1.8%, whereas shares of JD.com, the company's main rival, jumped by 4.5%. Notably, JD.com's revenue over the holidays turned out to be less than Alibaba's one, and amounted to 349 billion yuan or $55 billion.
Shares of other large Chinese companies are also showing growth: Meituan stocks added 3.1% and Tencent Holdings, Ltd rose by 1.1%. However, stocks of Geely Automobile Holdings, Ltd. fell by 1.1%.
At the same time, investors remain focused on the global inflation rise. Thus, in the previous month, inflation in the United States rose to 6.2% per annum from 5.4% in September, reaching the highest level in the last 30 years. The US Fed still believes that the rapidly growing inflation is a short-lived phenomenon. Market participants are waiting for the regulator's reaction to the situation, as there is a significant price pressure.
Japan is considering an economic stimulus package worth almost 30 trillion yen ($ 263 billion). These funds are planned to be spent to raise salaries of social workers and teachers and to finance the tourism sector.
Against this background, stocks of the largest Japanese companies gained in value. Thus, stocks of SoftBank Group and Toyota Motor Corp added 2.4%, shares of Mitsubishi Motors Corp. increased by 0.8%, and shares of Mazda Motor Corp. inched up by 0.5%. The share price of Sony Group Corp. rose by 0.8%, and the one of Panasonic Corp. advanced by 1.7%.
Shares of the largest companies in South Korea showed mixed trading. Thus, the share price of Samsung Electronics increased by 1.4%, whereas shares of SK Hynix Inc. decreased by 1.4%.
In Australia's mining sector, there is an upswing: the share prices of Rio Tinto, Ltd., BHP Group, and Fortescue increased by 3.7%, 2.8% and 1.9%, respectively.
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