Asian stocks showed mixed results on Wednesday following new record highs in U.S. benchmarks, which reflected signs of a slowing U.S. economy without triggering a recession.
U.S. futures were also mixed, and oil prices remained relatively stable.
Tokyo’s Nikkei 225 index increased by 0.2% to 38,575.54, buoyed by Japan’s May trade data indicating a 13.5% rise in exports and a 9.5% increase in imports compared to the previous year. This growth was driven by higher prices and the yen’s depreciation against the U.S. dollar.
Minutes from the Bank of Japan’s recent policy meeting revealed discussions among policymakers about the potential for the yen’s weakness to further elevate inflation. Governor Kazuo Ueda has suggested the possibility of raising the benchmark interest rate in the coming months, contingent on future economic data.
Hong Kong’s Hang Seng index rose by 2% to 18,264.51, while the Shanghai Composite index decreased by 0.3% to 3,020.03. This dip followed a statement by the head of China’s securities watchdog at a financial forum in Shanghai, where he announced increased oversight of financial activities to mitigate potential risks.
In Sydney, the S&P/ASX 200 fell by 0.2% to 7,764.30. Meanwhile, South Korea’s Kospi jumped by 1% to 2,792.14.
Other regional markets saw Taiwan’s Taiex climb by 1.8%, while Bangkok’s SET slipped by 0.1%.
The S&P 500 gained 0.3%, reaching an all-time high of 5,487.03 for the 31st time this year. The Nasdaq Composite edged up slightly, less than 0.1%, to a record 17,862.23. The Dow Jones Industrial Average rose by 0.1% to close at 38,834.86.
The yield on 10-year Treasury bonds dropped to 4.21% from 4.29% late on Monday.
