Markets Soar in Asia-Pacific After Positive U.S. Economic Signals

Asian-Pacific markets surged on Friday, driven by positive U.S. economic data, including a stronger-than-expected GDP growth and a slight drop in jobless claims. Discover the latest global stock markets, commodities, and economic indicators updates.

Global Markets:

• Asian Stock Markets: Nikkei 225 up 0.6%, Shanghai Composite up 1.2%, Hang Seng up 2%, ASX 200 up 0.4%
• Commodities: Gold at $2,549.35 (-0.49%), Silver at $29.83 (-0.41%), Brent Oil at $79.20 (0.49%), WTI Oil at $76.72 (0.48%)
• Rates: U.S. 10-year yield at 3.861%, U.K. 10-year yield at 4.021%, Germany 10-year yield at 2.275%

News & Data:

• (USD) Preliminary GDP q/q: 3.0% vs 2.8% expected
• (USD) Unemployment Claims: 231K vs 230K expected

Markets Soar in Asia-Pacific After Positive U.S. Economic Signals

Markets Update:

Asian-Pacific markets experienced a significant surge on Friday, driven by promising U.S. economic data that alleviated recession concerns and various economic reports from Japan.

In the U.S., initial jobless claims fell slightly to 231,000, just above the anticipated 230,000 and down from the previous week’s 232,000. Additionally, the second-quarter GDP growth was revised upward to 3% from the initially reported 2.8%, indicating more robust economic performance.

Tokyo’s inflation rate in Japan increased to 2.6% in August, up from 2.2% in July, marking the highest level since March. The core inflation rate, excluding fresh food prices, rose to 2.4%, surpassing the 2.2% forecasted by economists. This uptick suggests that the Bank of Japan may have more room to adjust monetary policy.

However, Japan’s unemployment rate rose to 2.7% in July, exceeding the expected 2.5%. Retail sales grew by 2.6% year-on-year, falling short of the 2.9% forecast and down from June’s revised 3.8% increase.

Among Asian markets, Hong Kong’s Hang Seng index led with a 2% increase, followed by China’s CSI 300, which rose 1.72%. Japan’s Nikkei 225 saw a 0.6% gain, while South Korea’s Kospi advanced 0.6% and the Kosdaq climbed 0.92%, despite a 1.9% month-on-month drop in retail sales. Australia’s S&P/ASX 200 rose 0.4%, approaching its all-time high.

In the U.S., the Dow Jones Industrial Average reached a new record high, closing up 0.59% at 41,335.05. However, the Nasdaq Composite slipped 0.23%, influenced by a 6.4% drop in Nvidia’s stock.

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