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Asian Markets Soar as Yen Strengthens and Fed Meeting Looms

Asian markets yen strengthens

Asian markets rally as the yen strengthens, and US indicators are positive. Investors await Fed meeting amid economic data.

Asian stock markets rallied on Monday as the Japanese yen strengthened against the U.S. dollar. At the same time, investors kept a close eye on upcoming economic indicators and the Federal Reserve’s policy meeting. Here’s a roundup of the latest market movements and key news:

Global Markets

  • Asian Stock Markets: The Nikkei surged by 0.81%, the Shanghai Composite climbed by 0.79%, the Hang Seng rose by 0.61%, and the ASX experienced a gain of 0.81%.
  • Commodities: Gold traded at $2341.5 (-0.25%), Silver at $27.47 (-0.16%), Brent Oil at $87.43 (-0.98%), and WTI Oil at $83.01 (-1.01%).
  • Rates: US 10-year yield stood at 4.64, UK 10-year yield at 4.34, and Germany 10-year yield at 2.54.

News & Data

  • The USD Core PCE Price Index month-on-month showed a 0.3% increase, which aligns with expectations.
  • In March, core personal consumption expenditures in the U.S. rose by 2.8% year-on-year, surpassing projections, with personal spending also outperforming expectations.

Asian Markets Soar as Yen Strengthens and Fed Meeting Looms

Markets Update

The Japanese yen strengthened against the U.S. dollar, reaching 157.02 after touching 160.03 earlier in the session. The Bank of Japan’s decision to keep interest rates unchanged coincided with a public holiday, temporarily shutting down Japan’s stock markets. Traders closely monitor the Federal Reserve’s upcoming meeting following Friday’s higher-than-expected U.S. inflation report.

Australia’s S&P/ASX 200 rebounded, closing by 0.81% at 7,637.40, recovering from losses seen on Friday. South Korea’s Kospi concluded with a 1.17% increase, while the Kosdaq saw a gain of 1.51%. Hong Kong’s Hang Seng index climbed by 0.91%, and China’s CSI 300 index rose by 1.34%.

U.S. stocks surged on Friday, with the S&P 500 and Nasdaq Composite posting their strongest performance since November, driven by robust earnings from Big Tech companies. The S&P 500 advanced by 1.02%, and the Nasdaq surged by 2.03%, marking its most significant gain since February. The Dow Jones Industrial Average rose by 0.4%.

Upcoming Events

  • 11:30 PM GMT – JPY Unemployment Rate

As markets continue to digest economic data and anticipate central bank actions, investors remain cautiously optimistic amid ongoing global uncertainties.

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