Asian Stocks Are Mostly Bullish Today As Traders Assess Outlook On Interest Rates
On Monday, most Asian markets witnessed gains as traders assessed reports of the Federal Reserve reducing interest rates this year following a forecast that exceeded expectations, diminishing prospects for an initial move in June.
In today’s trading session, Japan’s Nikkei 225 surged by 0.9% trading at 39,347.04.
Nikkei 225’s stock average staged a recovery as investors seized the opportunity to buy stocks on the dip, with risk sentiment running high after markets caught the tailwind from a bounce on Wall Street.
While the Nikkei 225 reached its new ATH of 41,087.75 on March 22, it has since encountered difficulty maintaining levels above 40,000 points, witnessing two weeks of consecutive decline.
Last week, the Nikkei 225 index experienced its worst performance since December 2022, driven by a decline in US stocks and profit-taking activities. In addition, concerns over potential currency intervention by Japanese authorities contributed to market apprehension.
Despite the recent challenges, Nikkei has gained 16.5% year-to-date.
Meanwhile, concerns over the Middle East crisis also subsided as there were no additional escalations in the Gaza situation over the weekend.
The wider Topix index went up by 0.95% trading at 2,728.32.
South Korea’s Kospi also saw an increase of 0.3%, trading at 2,722.89. The Hang Seng index also went up by 0.3% trading at 16,778.55, while the Shanghai Composite plummeted by 0.6% trading at 3,050.80.
In Australia, the S&P/ASX 200 also went up by 0.2%, trading at 7,789.10.
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