Most Asian stock markets closed higher, buoyed by a surge in US stocks to record levels following the Federal Reserve’s announcement of potential interest rate cuts later in the year.
In Japan, the Nikkei 225 soared 2%, adding 812.06 points to settle at 40,815.66, while the broader Topix index advanced 1.6%, gaining 45.24 points to close at 2,796.21.
This upward trend was further supported by Japan’s government data indicating an 8% increase in exports in February compared to the previous year, marking the third consecutive month of growth. This rise was primarily driven by higher shipments of cars and electrical machinery, contributing to a substantial reduction in the trade deficit compared to the previous year.
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In Hong Kong, the benchmark index climbed 1.8% to 16,836.46. Conversely, the Shanghai Composite in China saw a minor dip of 0.2%, finishing at 3,073.37, following the Chinese government’s introduction of new economic support measures.
Australia’s S&P/ASX 200 experienced a modest increase of 0.5%, reaching 7,735.40, while South Korea’s Kospi leaped 1.5% to 2,729.64.
In the US, stock markets reached new highs after the Federal Reserve’s statement on Wednesday, anticipating three interest rate cuts this year. The S&P 500 grew 0.9% to 5,224.62, hitting a new high for the second consecutive day and marking a 9.5% rise this year. The Dow Jones Industrial Average improved by 1% to 39,512.13, and the Nasdaq Composite Index surged 1.3% to 16,369.41, with both indices also setting new records.
