Nikkei Surge and New Japanese Leadership Propel Asian Markets

Asian markets soared as Japan's Nikkei surged following the potential appointment of a new prime minister. China's economic growth exceeded expectations, with a 1.1% rise in the third quarter. U.S. inflation data is anticipated to have minimal impact on rate cut prospects. Earnings expectations buoy Wall Street.

Asian markets experienced a significant boost as Japan's Nikkei surged by 2.8% amid reports of a likely coalition government formation, setting the stage for Japan's potential first female prime minister. This political development amplified investor confidence across the region.

China's economy outpaced projections, growing by 1.1% in the third quarter, while industrial output increased by 6.5%. Despite a notable slowdown in the property sector, these figures supported Beijing's strategy amid its ongoing trade battle with the United States.

In the United States, impending inflation data is expected to have little impact on financial markets, with further interest rate cuts likely. Wall Street, boosted by anticipated strong earnings reports, saw S&P 500 and Nasdaq futures rise by 0.3% each.

(With inputs from agencies.)