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

Asian stock markets displayed mixed performance today. The Nikkei in Japan saw a modest increase of 0.49%, while the Shanghai Composite experienced a slight decline of 0.06%. However, the Hang Seng in Hong Kong surged significantly by 2.08%, marking its highest level in nine months. Meanwhile, Australia’s ASX rose by 0.42%.

In the commodities market, gold prices rose by 1.05% to $2364.5, and silver prices increased by 1.26% to $28.88. Brent oil prices edged up by 0.68% to $84.47, while WTI oil saw a gain of 0.79% to reach $79.91.

Regarding rates, the US 10-year yield stood at 4.46%, the UK 10-year yield at 4.18%, and the Germany 10-year yield at 2.48%.

Asian Stock Markets Performance: 10th May 2024!

News & Data Highlights:

• US unemployment claims reached 231K, exceeding the expected 212K.
• The GBP official bank rate remained steady at 5.25%, meeting expectations.

Market Update

Friday’s trading session witnessed Hong Kong’s Hang Seng leading the Asia-Pacific region, propelled by positive sentiments from Wall Street and anticipation of potential rate cuts by the US Federal Reserve. The index surged by 2.08%, fueled by reports suggesting potential tax exemptions on dividends for individual investors in Hong Kong stocks purchased via Stock Connect.

However, mainland China’s CSI 300 experienced a minor dip of 0.28%. Japan reported a year-on-year decrease of 1.2% in overall household spending for March, although month-on-month spending surpassed expectations with a 1.2% increase. The Nikkei 225 in Japan rose by 0.49%, while South Korea’s Kospi climbed by 0.73%.

Elsewhere, Australia’s S&P/ASX 200 edged up by 0.42%. In the US, all major indexes recorded gains amid speculation surrounding potential interest rate adjustments following the release of weekly jobless claims data, which reached its highest level since August. The Dow surged by 0.85%, the S&P 500 rose by 0.51%, and the Nasdaq Composite gained 0.27%.

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