From Asia Financial: 2024-04-26 05:43:21

Asia’s major stock indexes ended the week positively with a tech earnings-fuelled rally on Wall Street. Google and Microsoft beat estimates, boosting market sentiment. Japan’s Nikkei rallied as the Bank of Japan left interest rates unchanged, forecasting accommodative conditions. Real estate and tech sectors saw gains. Hong Kong and China stocks also rose.

Nikkei share average closed up 0.81%, with the Topix gaining 2.3% for the week. Bank of Japan maintained rates at 0-0.1%, projecting inflation near 2% in the next three years. Real estate and tech sectors led gains, with the Philadelphia SE Semiconductor Index rising nearly 2%. Hang Seng Index set for its best week in 18 months.

Mainland Chinese investors bought nearly $20 billion of Hong Kong equities in March and April. China’s blue-chip CSI300 index rose 1.53%. Shanghai Composite Index and Shenzhen Composite Index also saw gains. H-shares in Hong Kong rose 2.41%. Seoul, Taipei, and Manila stocks advanced, while others fell. Nasdaq and S&P 500 futures also rose.

US economy grew at its slowest pace in nearly two years in Q1, reinforcing expectations of no interest rate cuts before September. US Treasury yields surged to five-month highs, with the dollar slipping. Focus now turns to core PCE price index data for further clues on US rate outlook. Brent and US crude oil prices rose. Gold also saw gains.



Read more at Asia Financial: Hang Seng Gains on Tech Earnings, Nikkei Up as BoJ Stands Firm