05/29/2024 – 5:39
By Sergio Caldas*
São Paulo, 05/29/2024 – Stock markets in Asia and the Pacific closed mostly lower this Wednesday, after the mixed behavior of Wall Street yesterday upon returning from a holiday.
The Nikkei index fell 0.77% in Tokyo to 38,556.87 points, weighed down by electronics and machinery stocks, as the 10-year Japanese government bond (JGB) yield reached a 12-year high on expectations of more monetary tightening by the Bank of Japan (BoJ), while the Hang Seng fell 1.83% in Hong Kong, to 18,477.01 points, the South Korean Kospi fell 1.67% in Seoul, to 2,677.30 points, and Taiex registered a drop of 0.90% in Taiwan, at 21,662.50 points.
Yesterday, New York stock markets ended trading without a single direction, on the return from the Memorial Day holiday, amid lingering doubts about the chances of reductions in US base interest rates this year.
In mainland China, on the other hand, stock markets were slightly in the black today, possibly encouraged by new measures to encourage the real estate sector in Shanghai and other major Chinese cities. The Shanghai Composite index rose only marginally, 0.05%, to 3,111.02 points, and the less comprehensive Shenzhen Composite index advanced 0.30%, to 1,734.14 points.
The International Monetary Fund (IMF) also demonstrated more optimism regarding China, raising its growth projections for the world’s second largest economy for both this year and next.
In Oceania, the Australian stock market suffered its biggest daily loss in more than a month this Wednesday, after stronger-than-expected domestic inflation data postponed expectations for local interest rate cuts. The S&P/ASX 200 fell 1.30% in Sydney, to 7,665.60 points.
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*With information from Dow Jones Newswires
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