Asia markets mixed, Wall Street rally fades

January 28, 2026 (MLN): Asia markets delivered a mixed performance on Wednesday, diverging from Wall Street’s upbeat close after the S&P 500 ended at a fresh all-time high.

In the United States, the benchmark S&P 500 advanced 0.41% to settle at 6,978.60, underpinned by solid gains in heavyweight technology stocks, including Apple and Microsoft.

The Nasdaq Composite also strengthened, rising 0.91%, while the Dow Jones Industrial Average moved against the broader trend, sliding 408.99 points, or 0.83%, to close at 49,003.4, according to CNBC.

Despite the strong U.S. lead, regional markets showed little follow-through.

Australia’s S&P/ASX 200 erased early gains to finish 0.22% lower, putting its three-session winning streak at risk.

South Korean equities stood out as top performers in the region, with both the Kospi and Kosdaq extending their rally to new record levels.

The Kospi climbed 1.61%, while the tech-heavy Kosdaq surged 3.5%, reflecting strong investor appetite for growth and technology-linked stocks.

Japanese markets, however, came under pressure. The Nikkei 225 fell 0.63%, while the broader Topix index declined 1.01%.

The move followed a sharp appreciation in the yen, which strengthened to its firmest level in nearly three months against the U.S. dollar, touching 152.08, as speculation around possible currency market intervention intensified.

In Greater China, trading was comparatively subdued. Hong Kong’s Hang Seng Index rose 0.95% in early dealings, while mainland China’s CSI 300 hovered around the flatline, showing cautious positioning among investors.

Looking ahead, U.S. equity futures were trading near unchanged levels as markets awaited the Federal Reserve’s latest interest rate decision, alongside earnings announcements from major technology companies.

The central bank is widely expected to hold its benchmark interest rate steady within the 3.5% to 3.75% range, though investors remain focused on any guidance regarding the future direction of monetary policy.

With inflation data, central bank signals, and corporate earnings all in focus, global markets are likely to remain sensitive to macroeconomic cues in the sessions ahead.

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