Asian Markets Mixed as Tech Rally Cools Down

Asian markets mixed as Wall Street tech falters; Japan’s wage talks and India’s inflation data influence investor sentiment.

Global Markets

• Asian Stock Markets: Nikkei up 0.46%, Shanghai Composite down 0.37%, Hang Seng down 1.04%, ASX down 0.20%
• Commodities: Gold at $2174.5 (-0.36%), Silver at $25.17 (-0.13%), Brent Oil at $84.53 (0.06%), WTI Oil at $79.79 (0.06%)
• Rates: US 10-year yield at 4.202, UK 10-year yield at 4.027, Germany 10-year yield at 2.338

News & Data

• (USD) Crude Oil Inventories -1.5M vs 0.9M expected

Asian Markets Mixed as Tech Rally Cools Down

Markets Update

On Thursday, Asian-Pacific markets displayed a mixed trend, reflecting a wane in Wall Street’s tech rally. Japan’s wage negotiations and India’s inflation data drew investor attention. Reports from Japan hinted at significant wage hikes from major firms following the conclusion of talks, potentially prompting the Bank of Japan to consider adjustments in its monetary policies during its meeting.

The Nikkei 225 in Japan rebounded by 0.4% in anticipation of potential BOJ policy adjustments. South Korea’s Kospi rose by 0.81%, while the Kosdaq dipped by 0.43%. Hong Kong’s Hang Seng index experienced a notable decline of 1.04%, whereas China’s CSI 300 remained relatively flat. Despite strong gold prices boosting mining stocks, Australia’s S&P/ASX 200 closed 0.2% lower.

In the US, significant indices closed with a mixed performance. Tech giants such as Nvidia (-1.1%), Meta (-0.8%), and Apple (-1.2%) experienced declines following the release of February’s inflation data, which met expectations. Ayako Yoshioka from Wealth Enhancement Group highlighted investor cautiousness regarding the underlying data. The S&P 500 ended down by 0.19%, the Nasdaq Composite lost 0.54%, while the Dow Jones Industrial Average edged up by 0.1%.

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