Asia-Pacific markets had a mixed day after Tuesday’s broad sell-off, with investors closely eyeing trade data from Japan and Singapore. Singapore’s non-oil domestic exports plunged 20.7% in March, a significant miss from economists’ expectations of a 7% decline. U.S. Federal Reserve Chair Jerome Powell’s remarks on the lack of progress toward the 2% inflation goal this year tempered investor sentiment.
In Japan, the Nikkei 225 initially gained ground but later slipped by 0.90%, while the broader Topix index saw a larger decline of 1.03%. The Reuters Tankan index indicated a drop in business optimism for April. South Korea’s Kospi extended losses by 0.49%, while the small-cap Kosdaq rose by 0.47%. Australia’s S&P/ASX 200 recorded a modest uptick of 0.14%.
The CSI 300 index in mainland China fell by 0.17%. In the U.S., the Dow Jones Industrial Average rose by 0.17%, ending a six-day streak of losses, lifted by gains in UnitedHealth shares. However, the S&P 500 declined by 0.21% and the Nasdaq Composite shed 0.12%. Powell’s comments briefly spiked the 2-year U.S. Treasury yield above 5%.
The post Wednesday 17th April 2024: Asian Markets React to Trade Data and Powell’s Remarks first appeared on IC Markets | Official Blog.