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Asian Markets Surge, Nikkei 225 Leads the Way

Asian Stock Markets Performance: 10th May 2024: What's New?

Asian markets surge led by Nikkei 225; Australian inflation rises; global indexes advance amid earnings optimism.

Global Markets Overview

  • Asian Stock Markets: Nikkei up 2.26%, Shanghai Composite up 0.76%, Hang Seng up 2.21%, ASX down 0.01%
  • Commodities: Gold at $2331.5 (-0.45%), Silver at $27.27 (-0.36%), Brent Oil at $88.43 (-0.18%), WTI Oil at $83.11 (-0.14%)
  • Rates: US 10-year yield at 4.62, UK 10-year yield at 4.32, Germany 10-year yield at 2.52
  • News & Data: (USD) Flash Manufacturing PMI 49.9 vs 52.0 expected, (USD) Flash Services PMI 50.9 vs. 52.0 expected.

Asian Markets Surge, Nikkei 225 Leads the Way

Markets Update

In a surge fueled by positive sentiment and economic data, Asian markets witnessed notable gains today. The Nikkei 225 in Japan led the charge, soaring 2.26% to 38,460.08, with the Topix not far behind, up 1.67% at 2,710.73.

Meanwhile, in Australia, the first-quarter inflation figures displayed resilience, with the consumer price index rising by 3.6% year-over-year, slightly surpassing expectations set by a Reuters poll, which anticipated a 3.5% increase. Despite this encouraging figure, it marks the fifth consecutive quarter of decelerating inflation. Following the release of the CPI data, the S&P/ASX 200 hovered just below the flatline, closing at 7,683.

South Korea’s Kospi surged by 2.01%, settling at 2,675.75, with the heavyweight Samsung Electronics contributing significantly with a 4.11% gain. The small-cap Kosdaq also experienced a substantial uptick, rising by 1.99% to 862.23.

In Hong Kong, the Hang Seng index rose by 2.08%, while the Hang Seng Tech index saw a remarkable increase of 3.5%. Before trading temporarily halted at 11:15 a.m., SenseTime, a prominent player, experienced a staggering 31.2% surge in its share value. China’s CSI 300 ended the day 0.44% higher at 3,521.62.

Across the Pacific, the upbeat mood extended into the U.S., where all three major indexes sustained their upward trajectory for a second consecutive session. Reassured by robust corporate earnings, investors shrugged off concerns regarding rising interest rates. The Dow Jones Industrial Average climbed by 0.69%, marking a four-day winning streak. The S&P 500 recorded a solid gain of 1.2%, while the Nasdaq Composite outperformed, boasting a 1.59% increase.

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The market outlook remains cautiously optimistic as investors await further economic indicators and corporate developments to guide their next moves.

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