Recent data from the National Bureau of Statistics revealed a 4.3% year-on-year increase in China’s industrial profits during the January to April period. This positive growth has had a significant impact on the overall performance of the Asia-Pacific markets.
Mainland China’s CSI 300 index saw a 0.21% increase, while Hong Kong’s Hang Seng index rose by 0.4%. This upward trend was also reflected in Japan, with the Nikkei 225 climbing by 0.22% and the Topix index rising by 0.3%. Additionally, South Korea’s Kospi index showed a 0.5% increase.
Investors are eagerly awaiting further economic data from China and India later in the week. China is set to release its official purchasing managers’ index reading on Friday, while India will post its fiscal fourth-quarter gross domestic product numbers. These releases are expected to provide more insight into the economic performance of these key countries.
Australia is also expected to announce its inflation data for April, with analysts predicting a “modest dip.” The Australian market, represented by the S&P/ASX 200 index, gained 0.8% – reversing a four-day losing streak.
Amidst positive developments in the Asia-Pacific region, the U.S. markets also showed strength. The Nasdaq Composite closed at a record high, driven by gains in chipmaker Nvidia. The tech-heavy index saw a 1.1% increase, ending at 16,920.79. The S&P 500 and the Dow Jones Industrial Average also posted gains of 0.7% and 0.01%, respectively.
It is important to note that U.S. markets will be closed for a holiday on Monday, signaling a break in trading activity. This closure may have implications for global markets the following day, depending on any new developments that may arise during this holiday period.
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