Asian stocks generally advanced following a rally on Wall Street that pushed the Nasdaq Composite to a new record high.
The markets were buoyed by remarks from Federal Reserve Chairman Jerome Powell, who indicated that policymakers are unlikely to hike interest rates in response to persistent inflation. The upcoming release of US consumer price data is highly anticipated.
In Asian markets, Tokyo’s Nikkei 225 index rose by 0.4% to 38,491.15, while Australia’s S&P/ASX 200 also increased by 0.4% to 7,760.40.
However, China’s Shanghai Composite index fell by 0.4% to 3,133.47 after the central bank decided to maintain a crucial lending rate, highlighting Beijing’s commitment to monetary stability.
In other parts of Asia, Taiwan’s Taiex saw a significant gain of 1.4%, whereas the SET index in Bangkok remained largely unchanged.
Financial markets in South Korea and Hong Kong were closed for a holiday.
In the US, the Nasdaq Composite achieved another record close, driven by strong performance in tech stocks, climbing 0.8% to 16,511.18. The S&P 500 edged up 0.5% to 5,246.68, just below its record high set in late March. The Dow Jones Industrial Average also saw gains, rising 0.3% to 39,558.11.
Yields on 10-year US Treasury bonds dropped slightly to 4.45% from 4.49% the previous day.
