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Asian Equities Track US Markets Higher Ahead Of July 4th Holiday

ASIA STOCKS

Asian markets showed positive momentum on Thursday, driven by favorable economic data from the US that bolstered the case for potential Federal Reserve rate cuts. A regional equities gauge rose for the fifth consecutive session, with Japan’s Topix reaching a record intraday high and gains seen in South Korea and Australia. The positive sentiment followed the S&P 500 and Nasdaq setting new highs in a shortened trading session before the July 4th Holiday. Additionally, the yen strengthened after hitting a low against the dollar, reflecting speculation about gradual policy tightening by the BoJ.

  • Japanese equities are higher today with the Topix surging to its highest level in over 34, surpassing the peak recorded during the bubble economy in 1989. This milestone reflects growing optimism about economic recovery and corporate earnings. The Nikkei 225 Stock Average also climbed above 40,000. Semiconductor and high-tech stocks led gains, following positive trends from the US markets. Overall, Japanese stocks are on a bullish trajectory amid favorable economic conditions and supportive monetary policies. The Topix is currently 0.50% higher, while the Nikkei is trading 0.35% higher.
  • South Korean stock market has rallied to its highest levels since early 2022, buoyed by strong gains in tech and automotive sectors. Positive sentiment from US markets, fueled by expectations of Federal Reserve rate cuts, contributed to the rally. Samsung Electronics have surged higher ahead of the company reporting results. The Kospi is up 0.65%, while the Kosdaq is up 0.45%
  • Taiwanese equities are higher today, most of the gains can be attributed to TSMC up 2.66% & Hon Hai up 5.40%. The S&P 500 hit new all time highs overnight, while the Philadelphia Semiconductor Index rose 1.92%, the Taiex is currently trading 1.40%.
  • Australian equities are higher today, led by gains in mining and energy shares following strong performances in US markets. Key contributors included BHP Group and Arcadium Lithium. Economic data showed a narrowing trade surplus in May, with mixed results in export and import figures. The ASX200 is 1.10% higher.
  • Elsewhere, New Zealand equities are 0.18% lower, Singapore equity are 0.76% higher, Malaysian equities are flat, Indonesian equities are 0.50% higher while Philippines equities are 1% higher

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