China Stock Markets: The Shanghai Composite rose 0.71%, the Shenzhen Component gained 1.96%, and the ChiNext Index climbed 2.51%. In terms of sectors, lithium batteries and rare earths strengthened, while semiconductors trended weaker.
Hong Kong Stock Market: The market staged a broad rebound today, with all three major indices closing higher.Hang Seng Index (HSI): Up 1.68% to 26,111.84. Hang Seng Tech Index: Up 1.72% to 4,910.02
Hang Seng China Enterprises Index (HSCEI): Up 1.86% to 8,805.60. Sector Highlights: Gold and tech stocks strengthened, while biomedicine and semiconductors declined.
Japan: Market closed for a public holiday.
South Korea: The KOSPI rose 0.75% to 6,690.90. Steel and automakers led the gains, while aerospace and heavy industry lagged.
Australia: The S&P/ASX 200 dropped 0.30% to 8,684.50. Energy and lithium mining stocks bucked the trend to rise, while non-energy minerals and consumer services led the decline.
Singapore: The STI edged up 0.15% to 4,895.02. Electronics and industrial services were strong, while finance and real estate pulled back slightly.
Malaysia: The FTSE Bursa Malaysia KLCI rose 0.45% to 1,737.40. Tech and utilities were active, while banking and plantations weakened.
Key events
Powell Nears "Final Curtain"
Federal Reserve Chair Jerome Powell is approaching his final curtain call.
After leading the Fed for eight years, Powell's term as chair will end on May 15, and this week's Federal Reserve meeting will be his last in office. Kevin Warsh, nominated by U.S. President Donald Trump, is expected to win Senate approval as his successor.
Last December, Powell stated: "I truly want to hand over this job to my successor with the U.S. economy in good shape. I want inflation to be under control and back down to 2%, while the labor market remains strong."
On the eve of the Fed's interest rate decision, let's review Powell's economic report card.
South Korea's Ex-President Yoon Suk Yeol Sentenced to 7 Years in Prison on Appeal in Case Involving Obstruction of Arrest
On the afternoon of April 29 local time, the Seoul High Court of South Korea handed down a verdict in the second trial of former President Yoon Suk Yeol on charges including mobilizing the presidential security unit to block his own arrest during the "martial law" period. Yoon was sentenced to seven years in prison.
Previously, in the first trial of the relevant case, the court had sentenced Yoon to five years in prison.
Signs of Easing in Shipping Corridor? Japanese Supertanker Successfully Transits the Strait of Hormuz
After weeks of disruption, the Idemitsu Maru, a giant crude oil tanker operated by Japanese petrochemical firm Idemitsu Kosan Co., is exiting the Strait of Hormuz, a global energy shipping chokepoint.
The vessel was tracked transiting the strait after leaving its holding position in the Persian Gulf.
Previously, the Mubaraz, a liquefied natural gas (LNG) carrier bound for China, also successfully passed through the Strait of Hormuz.
Analysts say that while current shipping activity remains far below pre-war normal levels, the successful passage of these two oil and gas vessels could be a significant signal that global energy flows may gradually resume.
Institutional Perspectives
Goldman Sachs: Fed Policy Uncertainty Caps US Upside; Overweight China, South Korea and Tech
Goldman sees limited further upside for US equities amid stretched valuations and pending Fed leadership transition.
It keeps an Overweight stance on North Asia, upgrading China A-shares and Hong Kong tech on earnings recovery and foreign capital inflows, while staying cautious on Southeast Asia’s rate-sensitive sectors.
Morgan Stanley: US AI Rally Still Intact; APAC Valuation Gap Offers Upside
Morgan Stanley remains constructive on US large-cap AI and semiconductor stocks, driven by solid Q1 earnings and sustained capital expenditure.
For APAC, it highlights the attractive valuation discount versus the US, seeing 5%-10% upside for Chinese equities and favouring Korea chips, industrial manufacturing and renewable energy names.
Citi: Risk Appetite Gradually Recovering; Neutral APAC, Tactical Overweight US
Citi notes easing shipping tensions in the Strait of Hormuz have calmed market sentiment.
It upgrades US equities to tactical Overweight on safe-haven demand and earnings resilience, while keeping APAC at Neutral on lingering inflation and geopolitical risks; prefers defensive consumption and high-dividend plays in Asia.
