Asian Stocks Show Gains Following Lesser Tension In The Middle East And Anticipation Of US Economic Data
In today’s trading session, Asian stock markets are predominantly on the rise, driven by the overall positive trends in global markets from yesterday. This uptrend comes after easing conflict in the Middle East, as both Iran and Israel executed ‘measured’ counterattacks designed to minimize casualties.
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In addition, traders are seizing opportunities to capitalize on discounted assets ahead of the release of various crucial US economic indicators, particularly reports concerning personal income and spending.
The Japanese stock market also showed a modest increase as the Nikkei 225 index jumped above the 37,500 threshold, reflecting the generally positive trends observed in global markets overnight. While financial stocks contribute to gains, losses in Index heavyweights partially offset these advances.
In the morning session, Nikkei 225 closed at 37,538.06, marking an increase of 99.45 points or 0.27%, having reached a peak of 37,817.78 earlier. Japanese shares experienced significant gains at the close of trading.
According to a purchasing managers survey, sentiment registered at 49.9 on a scale of up to 100, with 50 serving as the threshold between expansion and contraction. The Yen, on the other hand, continued to decline reaching a 34-year low of 154.85.
The Hang Seng index also increased by 1.6% trading at 16,771.17, while the Shanghai Composite index declined by 0.8% to 3,019.64.
Meanwhile, the Australian stock market also shows significant gains in line with the generally positive trends in the global markets overnight. The S&P/ASX 200 index is hovering just below the 7,700 mark, buoyed by an increase in iron ore miners, financial, and technology sectors. Earlier in the trading session, the S&P/ASX 200 is higher by 27.50 points or 0.36% to reach 7,676.70.
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