Asia-Pacific markets experienced a boost on Monday as China’s industrial profits saw a 4.3% year-on-year increase in the first four months of the year. This news, based on official data released by the National Bureau of Statistics, fueled optimism in the region’s trading activities.
In response to the positive industrial profit data, mainland China’s benchmark CSI 300 index saw a 0.21% increase, while Hong Kong’s Hang Seng index exhibited a rise of 0.4%. These gains reflect the growing confidence of investors in the region’s economic stability.
More economic data is expected from China and India later in the week. China is set to announce its official purchasing managers’ index reading on Friday, while India will reveal its fiscal fourth-quarter gross domestic product numbers. These reports will provide further insights into the economic health of these two major Asian economies.
Japan’s Nikkei 225 saw a 0.22% increase, with the Topix index also rising by 0.3% after experiencing losses on Friday. South Korea’s Kospi index was up by approximately 0.5%, while the Kosdaq remained flat. In Australia, the S&P/ASX 200 gained 0.8%, indicating a potential break in its recent four-day losing streak.
Over in the U.S., the Nasdaq Composite index closed at a new record high as chipmaker Nvidia’s gains outweighed concerns about potential delays in interest rate cuts by the Federal Reserve. The tech-heavy index surged by 1.1%, reaching 16,920.79. The S&P 500 also experienced a 0.7% rise, while the Dow Jones Industrial Average saw a marginal increase of 0.01%.
As the week progresses, investors will keep a close eye on the economic data releases from both Asian and Western markets. These indicators will continue to shape trading activities and provide valuable insights into the global economic landscape.
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