Asia stocks mostly rise after Wall Street rally stalls; Tokyo Metro shares soar on debut

Asia-Pacific markets mostly rose Tuesday, breaking ranks with major Wall Street benchmarks, while Japanese subway operator Tokyo Metro’s stellar market debut boosted investor optimism.

Shares of Tokyo Metro climbed 45% in early trade.

The company, one of Japan’s leading subway operators and the largest in Tokyo, raised 348.6 billion yen in its initial public offering, the largest IPO in Japan since 2018.

The IPO was reportedly 15 times oversubscribed and priced at the top end of its pricing band, offering shares at 1,200 yen apiece.

Economic data that will be coming out of Asia includes September inflation numbers from Singapore — expected to come in at 1.9%, its slowest rise since March 2021, according to a Reuters poll of economists.

Japan’s Nikkei 225 traded just below the flatline on Wednesday, but the broad-based Topix was up 0.18%

South Korea’s Kospi climbed 0.15%, but the small-cap Kosdaq dropped 1.16%.

Australia’s S&P/ASX 200 started the day up 0.13%.

Hong Kong’s Hang Seng index was marginally higher, while mainland China’s CSI 300 was trading close to the flatline.

Overnight in the U.S., the S&P 500 and the Dow Jones Industrial Average ended Tuesday marginally lower, both posting a second straight day of losses.

The S&P 500 ended the session lower by 0.05%, and it was the broad market index’s first back-to-back loss since early September.

The 30-stock Dow slid 0.02%, but the Nasdaq Composite rose 0.18%.

— CNBC’s Pia Singh and Samantha Subin contributed to this report.