Monday 27th May 2024: Asian markets rise on China’s industrial profit growth

Global Markets:

•  Asian Stock Markets : Nikkei up 0.74%, Shanghai Composite up 0.99%, Hang Seng up 1.38% ASX up 0.79%
• Commodities : Gold at $2344.5 (0.43%), Silver at $31.08 (1.71%), Brent Oil at $82.17 (0.38%), WTI Oil at $78.02 (0.38%)
• Rates : US 10-year yield at 4.468, UK 10-year yield at 4.29, Germany 10-year yield at 2.57

News & Data:

• (CAD) Core Retail Sales m/m -0.6% vs 0.3% expected
• (CAD) Retail Sales m/m -0.2% vs -0.1% expected

Markets Update:

Asia-Pacific markets saw gains on Monday as China reported a 4.3% year-on-year increase in industrial profits for the January to April period. Mainland China’s CSI 300 index rose by 0.21%, while Hong Kong’s Hang Seng index climbed 1.4%. Economic data from China and India expected later in the week, including China’s official purchasing managers’ index reading and India’s fiscal fourth-quarter GDP figures. Australia will announce April inflation data with analysts anticipating a modest decrease.

In Japan, the Nikkei 225 index rose by 0.72% and the broader Topix index increased by 0.3% after Friday’s losses. South Korea’s Kospi index was up approximately 0.5%, while Australia’s S&P/ASX 200 index gained 0.8%, potentially breaking a four-day losing streak. 

In the U.S. on Friday, the Nasdaq Composite closed at a record high driven by gains in chipmaker Nvidia, despite concerns over Federal Reserve interest rate cut delays. The tech-heavy Nasdaq surged 1.1%, with the S&P 500 rising by 0.7% and the Dow Jones Industrial Average edging up by 0.01%.

U.S. markets were closed on Monday due to a holiday.

Upcoming Events: 

• 11:50 PM GMT – JPY SPPI y/y

The post Monday 27th May 2024: Asian markets rise on China’s industrial profit growth first appeared on IC Markets | Official Blog.