Asia-Pacific markets mostly rose Monday, tracking Wall Street gains, as investors await economic data from across the region this week. China held its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively, after the country laid out measures on Friday to boost its property market. The five year LPR is the reference rate for housing mortgages.
Hong Kong’s Hang Seng index rose 0.51% after the announcement, while the mainland Chinese CSI300 gained 0.42%. Investors are keeping a close eye on trade, inflation, and business activity data out from Japan later this week. Singapore is also expected to release its April inflation data and final figures for its first-quarter gross domestic product.
Japan’s Nikkei 225 climbed 1.5%, while the broad-based Topix gained 1.21%. South Korea’s Kospi rose 1.09%, but the small-cap Kosdaq slipped 1.02%. The country’s central bank is set to release its rate decision later this week on Thursday. Additionally, investors will be monitoring Taiwan as Lai Ching-te takes over formally as the island’s new president, with the Taiwan Weighted Index up marginally.
The Australian S&P/ASX 200 advanced 0.59%. On Friday in the U.S., the Dow Jones Industrial Average closed above the key 40,000 level for the first time. The Dow first hit the 40,000 level during Thursday’s trading session, but closed above it on Friday. The S&P 500 inched 0.1% higher Friday, while the Nasdaq Composite slipped by less than 0.1%.
Market analyst Tom Lee, head of research at Fundstrat Global Advisors, believes that this market rally should continue at least in the short term. Lee highlighted Microsoft Build event from Tuesday to Thursday stateside, and Nvidia’s fiscal first-quarter results due Wednesday as potential catalysts for further market movement. Investors will be closely monitoring these events to gauge the direction of the market in the coming days.
Asia-Pacific markets are showing positive signs as investors eagerly await economic data releases and key events that could impact market performance. With various countries in the region announcing important updates and central banks making rate decisions, the week ahead is likely to be crucial for market participants.
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