Asian Markets Primarily Rise
The main indices in Japan experienced a sharp increase on Tuesday as stock trading resumed in the country after a holiday. This surge coincided with broader gains across the Asia-Pacific markets, as reported by CNBC.
The Japanese benchmark Nikkei 225 soared by 3.45% to close at 36,232.51 points, surpassing the 36,000-point mark for the first time since August 2. The broader Topix index rose by 2.83%, finishing at 2,553.55 points.
This momentum was largely driven by the technology and financial sectors, with shares of Rakuten Group and Trend Micro rising by 9.22% and 6.37%, respectively.
The Japanese Parliament is set to hold a special session next week to discuss the Bank of Japan’s decision to increase interest rates last month, according to government sources cited by Reuters.
The Producer Price Index in Japan rose by 3% year-on-year in July, accelerating from a reported increase of 2.9% in June.
The South Korean Kospi index increased by 0.12%, closing at 2,621.50 points, while the small-cap Kosdaq index fell by 1.02%, ending the session at 764.86 points.
In Australia, the S&P/ASX 200 index recorded a gain of 0.16%, closing at 7,826.8 points.
Australian Wage Growth
According to a report released today, wages in Australia rose by 0.8% in the second quarter compared to the previous quarter, which is below the expected growth of 0.9%. Year-on-year, wages in the country have increased by 4.1%.
The CSI 300 index in mainland China rose by 0.26%, closing the trading session at 3,334.39 points, while the Hang Seng index in Hong Kong gained 0.32%.
Additionally, Singapore’s economy has grown by 2.9%.
Singapore’s Economic Growth and U.S. Market Update
During the second quarter, Singapore experienced economic growth compared to the same period last year. The Ministry of Trade and Industry identified key driving factors such as wholesale trade, the financial and insurance sectors, and the information and communications sector.
Authorities in Singapore also announced expectations for a gross domestic product (GDP) growth of between 2% and 3% in 2024, an increase from the previous forecast of 1% to 3%.
U.S. Market Performance
On Monday, U.S. stock markets displayed volatility as traders began the week anticipating key inflation data. The broad market indicator, S&P 500, ended the day unchanged at 5,344.39 points. Meanwhile, the technology index, Nasdaq Composite, rose by 0.21%, closing at 16,780.61 points, driven by a 4% increase in Nvidia shares.
Conversely, the blue-chip index, Dow Jones Industrial Average, fell by 140 points, or 0.36%, finishing at 39,357.01 points.
