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Thursday 9th May 2024: Asian Markets See Surge Amid Import Boost and Export Growth

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ICMarkets in Market News 12 388912
May 9, 2024 14:33

content provided with permission by IC MArkets


Global Markets:

  •  Asian Stock Markets : Nikkei down 0.34%, Shanghai Composite up 0.71%, Hang Seng up 1.18% ASX down 1.06%
  • Commodities : Gold at $2321.5 (-0.05%), Silver at $27.88 (1.06%), Brent Oil at $83.81 (0.28%), WTI Oil at $79.32 (0.45%)
  • Rates : US 10-year yield at 4.50, UK 10-year yield at 4.34, Germany 10-year yield at 2.48

News & Data:

  • (USD) Crude Oil Inventories -1.4M vs -1.0M expected

Markets Update:

Chinese stocks surged on Thursday as imports outpaced expectations and exports met projections. In April, China’s imports spiked by 8.4%, exceeding the forecasted 4.8% rise, while exports grew by 1.5% year-on-year. This boosted mainland China’s CSI 300 index by 0.93%, building on an initial 0.2% gain.

In Japan, real wages fell by 2.5% year-on-year in March, marking the 24th consecutive month of decline. Investors are watching for signs of the “virtuous cycle” envisioned by the Bank of Japan. The Nikkei 225 rose by 0.5%, while the broader Topix index increased by 0.76%.

Elsewhere, Hong Kong’s Hang Seng index climbed by 1.19%, while South Korea’s Kospi retreated from a one-month high, falling by 0.63%, along with the Kosdaq, which dropped by 0.12%. The Australian S&P/ASX 200 slid by 1.06%.

In the U.S., the Dow Jones Industrial Average extended its six-day winning streak despite weakness in the tech sector. The Dow added 0.44%, marking its longest winning streak of 2024. The S&P 500 closed near the flatline, while the Nasdaq Composite retreated by 0.18%. Investors are also considering remarks from the Federal Reserve, particularly Boston Fed President Susan Collins’ indication that interest rate policy is likely to remain unchanged until inflation moves “sustainably” towards the central bank’s 2% target.

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The post Thursday 9th May 2024: Asian Markets See Surge Amid Import Boost and Export Growth first appeared on IC Markets | Official Blog.