Japan, China, India PMI; Powell inflation comments

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Japan, China, India PMI; Powell inflation comments

A block of industrial factories sits among newer apartment buildings along a canal in Tokyo, Japan. 

Photo By Michael Russell | Moment | Getty Images

Asia-Pacific markets opened higher on Wednesday, after U.S. Federal Reserve Chair Jerome Powell noted progress on inflation, but reiterated patience on cutting rates at a central banking forum.

Traders in Asia await June business activity data from India, Japan and China which is set for release later in the day.

Japan’s Nikkei 225 was up 0.45% extending its run above the 40,000 mark, while the broad-based Topix was up 0.11%.

South Korea’s Kospi started the morning up 0.50%, while the Kosdaq Index rose 0.8%.

Australia’s S&P/ASX 200 opened up 0.17% in early trade.

Hong Kong Hang Seng index futures were at 17,764, lower than the HSI’s last close of 17,769.14.

Overnight in the U.S., the Dow Jones Industrial Average gained 0.41%, the S&P 500 gained 0.62%, and the Nasdaq Composite jumped 0.84%. Both the Nasdaq and the S&P 500 hit record high closes.

Tesla shares helped lift the S&P 500 after Elon Musk’s electric vehicle company beat expected deliveries for the second quarter.

—CNBC’s Pia Singh and Sarah Min contributed to this report.

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