Asian stocks rise as inflation fears ease
Asian markets opened higher on Monday as easing inflation concerns reduced the likelihood of further US rate hikes, with investors awaiting key US data.
Asian markets started the week on a bullish note on Monday, as easing fears of inflation resulted in a reduced probability of additional U.S. interest rate increases. Investors were eagerly anticipating significant U.S. data releases. The gains follow a week where traders have been closely watching vital U.S. economic indicators.
Japan's key Nikkei 225 index experienced a rise of 2.5%, reaching 70,037.61 points, marking its first surpass of the 70,000 mark in three months. Australia's S&P/ASX 200 index showed a slight increase of 0.1%, closing at 8,691.90 points. Hong Kong's Hang Seng index remained unchanged at 23,971.55 points, maintaining its position from the previous Friday.
Both Shanghai and Seoul stock exchanges were closed for national holidays, resulting in reduced regional trading activity. There was heightened investor interest in companies related to artificial intelligence. Notably, Japanese chipmaker Tokyo Electron surged by 5.5%, while technology-oriented SoftBank Group climbed by 3.3%.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
