Most Asian Markets Rose Amid Investor Optimism
Go Wire
December 12, 2024
GoGPT Summarizes Articles
Asian markets broadly gained on Thursday (Dec. 12), driven by optimism from Wall Street's overnight surge in technology stocks and growing expectations of a Fed rate cut next week. The US inflation data for November aligned with expectations, prompting markets to price a 98% chance of a 25-basis-point rate cut. The rising possibility boosted the regional sentiment.
Individually speaking, China's markets gained, with the Mainland's Shanghai Composite rising 0.85% and Hong Kong’s Hang Seng surging 1.20%. Investors awaited the conclusion of the Central Economic Work Conference (CEWC) for potential stimulus elements, following dovish signals from the Politburo on economic support measures.
Japan’s Nikkei 225 soared 1.21%, driven by the rally in tech heavyweights like Sony (TYO: 6758) and Panasonic (OTC: PCRFY).
South Korea’s KOSPI jumped 1.62% amid gains in tech stocks, though political unrest surrounding President Yoon still kept investors cautious.
In Southeast Asia, FTSE Bursa Malaysia KLCI rises 0.12%. Straits Times Index (STI) rises 0.41% as of press time.
Conversely, Australia’s S&P/ASX 200 declined 0.28% as stronger-than-expected employment data reduced bets on the Reserve Bank of Australia’s rate cut. The RBA held rates steady earlier this week.
#How Are Asian Markets Performing Today?#AsianMarket