Michael H
Japan (NKY:IND) +0.41%. Despite a slight decline in Japan’s service sector gauge, markets remained positive as the current account surplus saw a significant increase to JPY 3,398.8 billion in March 2024.
Reports showed a 1.2% year-on-year drop in household spending in Japan for March, a milder decline than expected by analysts, while the value of loans in the country grew 3.1% year-on-year in April 2024.
China (SHCOMP) +0.01%. The Biden administration made moves to add 37 Chinese entities to a trade restriction list, intensifying tensions between Beijing and Washington. Investors are keenly watching for key inflation figures in China to gauge the economic and monetary policy outlook.
Hong Kong (HSI) +2.30%. The Hang Seng index is on track for a third consecutive weekly gain, reaching an eight-month high amid reports of China considering a dividend tax waiver, boosting investor sentiment.
India (SENSEX) +0.24%. Despite modest gains, the Indian market showed resilience amidst global market fluctuations.
Australia (AS51) +0.35%. Australian markets also posted gains, benefiting from positive sentiment in global markets.
In the U.S., all three major indexes closed higher on Thursday driven by an uptick in US weekly unemployment claims, reinforcing expectations for Federal Reserve interest rate cuts. The markets were further supported by rising commodity prices and a decline in the dollar and Treasury yields, boosting risk appetite.
Fed officials including Michelle Bowman, Austan Goolsbee, Neel Kashkari, and Lorie Logan are scheduled to speak, with investors closely monitoring comments for insights into the future interest rate trajectory.
U.S. stock futures rose on Friday following a positive session, with the Dow extending its winning streak to a seventh day: Dow +0.24%; S&P 500 +0.19%; Nasdaq +0.23%.
Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).
Insights into Asia-Pacific Markets
