02/08/2024 – 6:19
By Sergio Caldas*
São Paulo, 02/08/2024 – Asian stock markets closed mostly higher this Thursday, after a day of records on Wall Street and before a week-long holiday in China.
The Japanese Nikkei index rose 2.06% in Tokyo today, to 36,863.28 points, reaching a 34-year high, while the South Korean Kospi advanced 0.41% in Seoul, to 2,620.30 points.
In mainland China, stock exchanges were in the black for the third session in a row, still supported by promises of support from the local market regulator – which changed its command yesterday – and a large investment fund. The Shanghai Composite rose 1.28% to 2,865.90 points, and the less comprehensive Shenzhen Composite jumped 3.17% to 1,577.33 points.
Risk appetite in China prevailed despite its prices falling at a stronger pace than expected in January, signaling that domestic demand remains weak. The country's consumer price index (CPI) had an annual drop of 0.8% in January, the biggest since September 2009. Analysts consulted by FactSet predicted a decline of 0.5% in the first month of 2024 In December, the Chinese CPI had fallen 0.3% compared to a year earlier.
The latest Chinese inflation data suggests that more aggressive stimulus measures are needed to boost growth in the world's second-largest economy.
The positive tone in Shanghai and Shenzhen also precedes the Lunar New Year holiday, which will keep Chinese stock markets closed for a week, starting this Friday (09). Other Asian exchanges that will not open tomorrow due to public holidays are those in South Korea and Hong Kong. The one in Taiwan, which has not operated since Tuesday (06), will also remain inactive.
The predominance of gains in Asia also came after the New York stock markets rose across the board yesterday, with the Dow Jones and S&P 500 renewing closing highs.
In contrast, the Hang Seng fell 1.27% in Hong Kong today, to 15,878.07 points, as Alibaba's shares fell 6.14%, after the Chinese e-commerce giant disappointed with its latest balance sheet .
In Oceania, the Australian stock market extended gains from the previous session, with the help of shares in large domestic banks. The S&P/ASX 200 advanced 0.31% in Sydney, to 7,639.20 points.
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*With information from Dow Jones Newswires
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