As Asia-Pacific markets mostly rose on Monday, investors are eagerly awaiting economic data from across the region this week. China has decided to keep its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively. This decision came after China implemented measures to boost its property market, especially since the five-year LPR is the reference rate for housing mortgages.
Hong Kong’s Hang Seng index saw a rise of 0.51% following China’s announcement, while mainland Chinese CSI300 gained 0.42%. Meanwhile, Japan’s Nikkei 225 climbed 1.5%, and the Topix gained 1.21%. South Korea’s Kospi also rose by 1.09%, but the small-cap Kosdaq slipped by 1.02%. Japan will release trade, inflation, and business activity data later this week, and South Korea’s central bank will announce its rate decision on Thursday.
Investors will keep a close eye on Taiwan as Lai Ching-te officially takes over as the island’s new president. The Taiwan Weighted Index is already showing marginal gains. In addition, Singapore will release its April inflation data and final figures for its first-quarter GDP. The Australian S&P/ASX 200 also saw an advancement of 0.59%.
In Wall Street, the Dow Jones Industrial Average closed above the key 40,000 level for the first time, highlighting the market’s overall strength. The S&P 500 experienced a slight increase of 0.1%, while the Nasdaq Composite saw a minor decrease. Tom Lee, head of research at Fundstrat Global Advisors, predicts that the current market rally will continue in the short term. He pointed out the Microsoft Build event happening from Tuesday to Thursday and Nvidia’s fiscal first-quarter results expected on Wednesday as potential catalysts for further growth.
The Asia-Pacific markets have responded positively to the gains in Wall Street, with various countries showing promising market performances. Investors are eagerly awaiting economic data releases across the region and are closely monitoring upcoming events that could further influence market trends. Despite uncertainties, the market rally is expected to continue in the short term, fueled by key events and positive indicators.