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Asian Equities Higher Led by Tech and Financials

ASIA STOCKS

Regional Asian equities are higher today and are on track to make it seven straight weeks of gains, tech stocks have been rallying again on dovish signals from the US Fed as well as optimism around the AI space.

  • Japan equities are higher today with banking names leading the way, the Topix Bank Index is up 2.60% as strong Japan trade data makes the chances for a rate hike grow. The Topix is up 0.83%, while the Nikkei is trading just below the 40,000 level up 0.88% today. The Yen has surged 1.5% over the past week
  • South Korean equities are 0.90% higher today as tech stocks rally following dovish remarks from Powell on Thursday with SK Hynix, Samsung Electronics and Samsung Biologics the top performers, while the Kospi is on track to finish the week up 1.70%.
  • Taiwan equities are higher today although well of earlier highs made on the open, the Taiex at one point was 1.83% higher now trading just 0.40% better for the day the top contributor to the move has been TSMC who will be releasing February sales figures shortly.
  • Australian equities are higher today following one from US moves on Thursday, the dovish tone for Powell has helped push the market higher. Financials are the top performing sector, with just Commercial & Professional Services stocks in the red, the ASX200 has closed 1% higher.
  • Elsewhere in SEA, NZ closed 1% higher, Thailand equities continue to see foreign investors selling with Thursday marking 8 out of 10 days of net outflows although equities are 1% higher today,

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