Market News

Asian Markets Soar to New Highs Amid Inflation Surge

Asian Markets Soar

Asian markets soar amidst inflation surge. Nikkei hits record high. Global optimism prevails despite varied performances.

Global Markets Overview

In today’s market snapshot, the Nikkei in Japan ascended to new heights, briefly surpassing the 41,000 mark, propelled by a surge in inflation during February. On the other hand, the Shanghai Composite faced a downturn of 0.85%, while the Hang Seng in Hong Kong experienced a significant drop of 2.32%. Australia’s ASX dipped by 0.15%. In the commodities sector, gold fell to $2172.5 (-0.56%), and silver dropped to $24.67 (-1.13%). Brent Oil and WTI Oil followed suit, declining by 0.62% and 0.64%, respectively. Yield rates showed stability, with the US 10-year yield at 4.24%, the UK at 4.024%, and Germany at 2.418%.

Asian Markets Soar to New Highs Amid Inflation Surge

Market Insights

Japan’s Nikkei 225 index soared unprecedentedly on Friday, breaching the 41,000 milestone, buoyed by a notable increase in February inflation figures. The country’s headline inflation surged to 2.8%, up from the previous month’s 2.2%, with core inflation, excluding fresh food prices, mirroring the same growth at 2.8%. The Bank of Japan expressed confidence in achieving its 2% price stability target, further reinforcing market optimism.

Following the initial surge, the Nikkei moderated slightly, concluding just below the 41,000 mark with a modest gain of 0.18%. In contrast, Hong Kong’s Hang Seng index tumbled by 2%, and Mainland China’s CSI 300 experienced a decline of 1.05%. The Hang Seng Tech index witnessed a substantial downturn of 4%, with Li Auto shares plummeting by 10% after revising its first-quarter delivery forecast.

Australia’s S&P/ASX 200 saw a marginal decline of 0.15%, while Taiwan’s Weighted Index remained relatively steady, prompted by the central bank’s unexpected decision to raise its policy rate. In the United States, all significant indices reached unprecedented highs, extending the upward trajectory initiated on Thursday following the Federal Reserve’s announcement to uphold steady rates and maintain its forecast for rate cuts in 2024.

The Dow Jones Industrial Average surged by 269.24 points, or 0.68%, to 39,781.37. Meanwhile, the S&P 500 advanced by 0.32%, closing at 5,241.53, and the Nasdaq Composite increased by 0.20% to conclude at 16,401.84. Jay Woods, chief global strategist at Freedom Capital Markets, remarked that investors are optimistic about the Fed’s actions, anticipating forthcoming rate cuts, thereby fostering positive market sentiment.

Upcoming Events

Federal Reserve Chair Powell is scheduled to deliver a speech at 1:00 PM GMT. The speech is anticipated to provide further insights into the central bank’s monetary policy stance and its potential impact on global markets.

Stay Updated with the Latest Market News. Visit our YouTube Channel for the Latest Forex Analysis.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s...

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and...

Forex Focus: Dollar Strength and Market Movements in Asia

U.S. retail sales in June held steady at $704.3B, buoyed by non-store...

Asian Markets React to Powell’s Dovish Remarks with Mixed Results

Asian markets reacted mixed after Powell's dovish comments, with Hong Kong's Hang...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets
Market News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s inflation remained steady, and chip stocks showed resilience.

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch
Market News

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and geopolitical tensions, impacting regional indices sharply.

Copyright © 2023 Forex Prop News. All Rights Reserved.