Asian markets mostly advanced after U.S. stocks hit record highs to close out their latest winning week. However, Hong Kong’s Hang Seng bucked the trend, slipping 0.6% to 20,869.39, while the Shanghai Composite gained 0.8% to 3,288.32. The smaller Shenzhen A-share index saw a more significant increase of 2.2%.
Mainland Chinese markets benefited from recent cuts to the one-year and five-year Loan Prime Rates, which are key lending benchmarks. The lower rates aim to ease financial strain on borrowers, especially property developers impacted by a crackdown on excessive borrowing in recent years.
In other Asian markets, Tokyo’s Nikkei 225 rose 0.3% to 39,078.33, Seoul’s Kospi surged 0.8% to 2,614.75, and Australia’s S&P/ASX 200 climbed 0.7% to 8,340.40.
Oil prices edged higher after last week’s drop, as concerns over a potential Israeli strike on Iranian oil facilities eased. Iran, a major crude producer, could face disruptions to its exports to China and other markets if such an attack occurred. Additionally, worries about China’s demand had recently pressured oil prices. Early Monday, Brent crude, the global benchmark, increased by 31 cents to $73.37 per barrel.
On Wall Street, the S&P 500 gained 0.4% on Friday to close at 5,864.67, slightly surpassing its previous all-time high set earlier in the week. The Dow Jones Industrial Average rose 0.1% to a record 43,275.91, and the Nasdaq composite advanced 0.6% to 18,489.55. The S&P 500 extended its winning streak to six weeks, marking the longest such run of 2024, as trading remained relatively calm.
