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Asia-Pacific Markets Shine Bright as Wall Street Hits New Heights

Asia-Pacific Markets Shine Bright as Wall Street Hits New Heights

Asia-Pacific markets soar on Wall Street record highs, buoyed by softer inflation data and Japan’s GDP figures.

Global Markets Overview

On Thursday, markets across the Asia-Pacific region surged, propelled by record highs on Wall Street as investors digested softer inflation data and examined Japan’s GDP figures. Asian stock markets displayed robust gains, with Japan’s Nikkei up 1.41%, Shanghai Composite up 0.31%, Hang Seng up 1.95%, and ASX up 1.65%.

Commodities exhibited mixed movements, with Gold at $2392.5 (0.15%), Silver at $29.78 (0.01%), Brent Oil at $82.97 (0.32%), and WTI Oil at $78.92 (0.48%). Regarding rates, the US 10-year yield stood at 4.32, the UK 10-year yield at 4.09, and the Germany 10-year yield at 2.40.

News & Data Impact

Regarding news and data, Canadian housing starts were at 240K, slightly above the expected 239 K. Meanwhile, the US saw Core CPI month-on-month at 0.3%, meeting expectations, and Core Retail Sales at 0.2%, aligning with forecasts.

Asia-Pacific Markets Shine Bright as Wall Street Hits New Heights

Market Insights

Market sentiment was buoyed mainly by April’s consumer price index in the US, which rose 0.3%, slightly below Dow Jones’ 0.4% forecast, with a year-on-year increase of 3.4%, aligning with market expectations. Additionally, the news provided reassurance to investors concerned about inflationary pressures.

However, Japan’s first-quarter GDP contracted by 2%, surpassing the anticipated 1.5% decline. This development potentially complicates the Bank of Japan’s interest rate plans. Despite this, Japan’s Nikkei 225 gained 1.4%, although the broader Topix index saw a slight retreat of 0.18% from earlier gains.

Hong Kong’s Hang Seng index rose 1.97% following a holiday, while mainland China’s CSI 300 index increased 0.1%. South Korea’s Kospi surged by 1%, and the Kosdaq added 1.04%, resuming trading after a holiday break.

In Australia, the S&P/ASX 200 index jumped 1.7%. The upbeat performance across Asia-Pacific markets followed Wall Street’s lead, where the Dow Jones Industrial Average rose 0.88%, the S&P 500 also climbed 1.17%, and the Nasdaq Composite surged 1.40%, closing at record highs.

Upcoming Events

Investors are monitoring upcoming events, including the release of US Unemployment Claims, Building Permits, and Housing Starts, all scheduled for 12:30 PM GMT. Moreover, the outlook remains positive as markets digest economic data and assess central bank policies. Consequently, investors are cautiously optimistic amid ongoing global recovery efforts.

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