Market News

Asian Markets Surge Post-Lunar New Year Holiday

Asian markets surge lunar holiday

Asian markets surge post-Lunar New Year holiday, led by Japan and South Korea. Positive momentum continues.

Tokyo, Japan – Following the Lunar New Year holiday, Asia-Pacific markets soared in Tuesday’s trading session, buoyed by positive economic data and strong performances from leading indices. South Korea and Singapore returned to trading, injecting further momentum into the region. Here’s a roundup of the latest market movements:

Global Markets Snapshot

Asian Stock Markets:

  • Nikkei: Up 2.79%
  • Shanghai Composite: Up 1.28%
  • Hang Seng: Down 0.83%
  • ASX: Down 0.15%

Commodities:

  • Gold: $2033.5 (0.02%)
  • Silver: $22.87 (0.04%)
  • Brent Oil: $82.15 (0.16%)
  • WTI Oil: $77.07 (0.17%)

Rates:

  • US 10-year yield: 4.185%
  • UK 10-year yield: 4.096%
  • Germany 10-year yield: 2.355%

News & Data:

  • (USD) Federal Budget Balance: -21.9B vs. -39.3B expected

Asian Markets Surge Post-Lunar New Year Holiday

Markets Update

The Nikkei 225 index in Japan surged 2.7% at the opening, surpassing 37,000 and hitting 34-year highs, driven by better-than-expected corporate goods price index data for January, which rose by 0.2%, exceeding the forecast of 0.1%. South Korea’s Kospi recorded a 1.16% increase, while the Kosdaq rose 1.28%. Meanwhile, Australian markets experienced marginal losses, marking the third consecutive day of declines. Chinese markets remained closed for the Lunar New Year holiday, while Hong Kong was closed on Tuesday, and trading is set to resume on Wednesday.

In the United States, the Dow Jones Industrial Average reached a new high on Monday, rising 0.33% to settle at 38,797.38, amidst anticipation of fresh inflation and earnings data. However, the S&P 500 slightly decreased by 0.09%, and the Nasdaq Composite slid by 0.3% overnight. Despite these minor setbacks, the overall sentiment across Asian markets remained positive, with Japan and South Korea leading the post-holiday trading surge.

Upcoming Events

The USD Core CPI month-over-month, USD CPI month-over-month, and USD CPI year-over-year figures are scheduled to be released at 1:30 PM GMT.

As investors closely monitor key economic indicators and upcoming events, the positive momentum witnessed in Asian markets post-Lunar New Year sets a promising tone for the days ahead.

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