Categories: Finance

Asian markets mostly up following Wall Street rebound

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Asian shares saw a mixed day of trading on Monday, with some markets gaining ground while others slipped. The positive momentum came after U.S. stocks rebounded from their worst day since April to finish the week higher.

In Tokyo, the Nikkei 225 rose by 0.3%, while the Kospi in Seoul jumped by 0.7%. Australia’s S&P/ASX 200 surged by 0.7%, and the Shanghai Composite index gained 0.3% after the government reported a 4.3% year-on-year increase in corporate profits for January-April. However, Hong Kong’s Hang Seng slipped by 0.2%.

Taiwan led the way with a 1.3% increase in the Taiex, driven by heavy buying of computer chip-related shares. Semiconductor company MediaTek saw a significant 8.4% jump, while Taiwan Semiconductor Manufacturing Corp. logged a more modest 0.5% gain.

The global semiconductor cycle was cited as a positive factor for Taiwan’s growth outlook, with breakthroughs in artificial intelligence applications, cloud computing, and 5G technology driving the sector forward.

In the U.S., the S&P 500 and Nasdaq composite both saw gains, with Nvidia being a major contributor to the S&P 500’s upward movement. The market received a boost from a report showing that U.S. consumer sentiment weakened less than expected in May, with inflation expectations also rising less than feared.

Concerns about stubbornly high inflation and the possibility of rate hikes by the Federal Reserve led to some volatility in the markets last week. Treasury yields climbed initially but stabilized following the consumer sentiment report.

Overall, the global markets are closely watching economic indicators and central bank policies for clues on future market movements.

Team@GQN.

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