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Seoul, South Korea ranked in the top three of the fastest growing destination for digital nomads.
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Asia markets were positioned for strong gains as investors took comfort from the U.S. Federal Reserve's decision to leave its benchmark interest rates unchanged, while parsing inflation data from South Korea.
The Fed on Wednesday again held rates steady amid signs of economic growth, while labor market conditions and inflation remain above the central bank's target. The decision also included an upgrade to the Fed's general assessment of the economy.
Data from South Korea showed consumer prices accelerated for the third straight month in October, with the CPI rising 3.8% year-on-year. Economists polled by Reuters were expecting an increase of 3.6%.
Futures for Hong Kong's Hang Seng index stood at 17,157, pointing to a higher open compared to the HSI's close of 17,101.78.
Japan's Nikkei 225 is also set to rise, with the futures contracts pointing to gains of about 300 points in both Chicago at 31,985 and its counterpart in Osaka at 31,910 against the index's last close of 31,601.65.
In Australia, the S&P/ASX 200 strengthened 1.09%.
U.S. markets rebounded from a dismal past three months on Wednesday, after the Federal Reserve kept interest rates unchanged for a second consecutive time — leading investors to think the central bank would stay put for the rest of the year.
The Dow Jones Industrial Average rose 0.67%. The S&P 500 climbed 1.05%, briefly crossing its 200-day moving average. The Nasdaq Composite added 1.64%.
— CNBC's Sarah Min and Pia Singh contributed to this report
South Korea reports hotter than expected inflation rate, accelerating for third straight month
South Korea's inflation rate quickened for the third straight month in October, with the consumer price index increasing 3.8% year-on-year.
This was higher than the 3.6% expected by economists polled by Reuters, and also more than the 3.7% rise in September.
The reading marks the third straight month that the inflation rate in the country has climbed, after hitting a 25-month low of 2.3% in July.
— Lim Hui Jie
Fed keeps rates unchanged
The Federal Reserve kept interest rates unchanged at a range of 5.25%-5.5%. The central bank also upgraded its view of the economy.
In a statement, the Fed said "economic activity expanded at a strong pace in the third quarter." In previous remarks, the central bank noted the economy was growing at a "solid pace." The Fed on Wednesday also said job gains "have moderated since earlier in the year but remain strong."
— Fred Imbert
'Tighter' financial conditions may keep riskier assets from rallying, says Gina Bolvin
According to Gina Bolvin, the Federal Reserve's assessment of the economy may weigh on more volatile assets in the near term.
"The Fed acknowledging that 'financial conditions have tightened' may keep riskier assets from rallying in the short term," said Bolvin, president of Boston-based Bolvin Wealth Management Group. "So far, no change in the fed funds rate leaves fixed income and the equity market unchanged. The Fed is probably done."
After the Fed maintained interest rates at current levels, chair Jerome Powell said that taming inflation will likely require a slowdown in growth and in the labor market. "Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring and inflation," read Wednesday's Federal Open Market Committee statement.
Stocks rallied Wednesday afternoon, to be sure, with the information technology and communication sectors leading the market higher by 1.8% and 1.6%, respectively.
— Pia Singh
December Fed rate increase odds fall, based on futures tracked by CME FedWatch
The odds that the Federal Reserve will raise interest rates another quarter point at its next meeting on Dec. 13 narrowed on Wednesday following the central bank's November meeting.
The implied probability of a December hike dropped to 17.1%, down from 28.8% Tuesday and 29.3% a week ago, according to the CME FedWatch tool, which is based on 30-day fed funds futures prices.
Fed funds currently stand at 5.25%-5.50%, where they were set by the Fed in July.
— Scott Schnipper
English (US)