Japanese and Australian markets experienced gains on Thursday amid volatile trading influenced by concerns over a potential U.S. recession based on recent economic indicators. Many Asia-Pacific exchanges, including South Korea, Hong Kong, China, and India, were closed for Labor Day. The Nikkei 225 in Japan climbed 0.54%, while the Topix rose by 0.23% following the central bank’s decision to keep interest rates steady at 0.5%. The yield on 10-year Japanese Government Bonds held firm at 1.312%, while 20-year bonds decreased slightly by 1.3 basis points to 2.210%.
In Australia, the S&P/ASX 200 increased by 0.16%, bolstered by a surge in the trade surplus to 6.9 billion Australian dollars ($4.42 billion) in March, well above the expected 3.9 billion Australian dollars, thanks to a rebound in iron ore and gold exports.
In the U.S., stock futures rose following strong quarterly earnings from major companies like Meta Platforms and Microsoft, with Meta shares up over 4% and Microsoft surging by 8%. The S&P 500 and Dow Jones also finished positively, marking their seventh consecutive day of gains. The S&P 500 rose by 0.15% to close at 5,569.06, while the Dow Jones added 141.74 points, ending at 40,669.36.
Asian markets exhibited varied performances; Japan’s Nikkei 225 rose by 0.57%, South Korea’s Kospi fell by 0.34%, and the Australian S&P/ASX 200 increased by 0.69%. China faced a decline in the CSI 300 due to manufacturing contraction concerns.
Indian stock market to remain closed for trading on Thursday, May 1 on account of Maharashtra Day.
