Asian markets opened strong but ended mixed on Friday following the Federal Reserve’s decision to cut interest rates, aiming to alleviate pressure on the U.S. economy.
Hong Kong’s Hang Seng index reversed its early gains, declining by 0.7% to close at 20,802.88. The Shanghai Composite also slipped by 0.3%, ending at 3,462.71, as investors awaited potential stimulus measures from China.
Stephen Innes of SPI Asset Management commented, “If Beijing introduces supportive measures, we could see a significant rally across the region, driven by renewed market momentum.”
Japan’s Nikkei 225 index advanced by 0.3%, finishing at 39,498.21.
Shares of Nissan Motor took a hit, plunging sharply after the automaker announced plans to cut 9,000 jobs and reduce global production capacity by 20%, citing declining sales and increased costs and inventory issues.
In South Korea, the Kospi edged down 0.1% to 2,561.63, while Australia’s S&P/ASX 200 rose by 0.8%, closing at 8,295.10.
On Wall Street, the S&P 500 gained 0.7% to end at 5,973.10. The Dow Jones Industrial Average remained unchanged, while the Nasdaq Composite surged by 1.5% to 19,269.46. Both the S&P 500 and Nasdaq hit record highs for the second consecutive day.
In the bond market, the yield on 10-year U.S. Treasury notes fell to 4.342%, down from 4.428% on Wednesday.
