Asia-Pacific markets set for largely higher open ahead of key Japan data

Jun 19, 2024

Cherry trees in bloom near the Nippon Budokan in Tokyo, Japan, on Sunday, April 7, 2024. 

Bloomberg | Bloomberg | Getty Images

Asia-Pacific markets mostly rose, on the back of the S&P 500 hitting new highs as artificial intelligence chip firm Nvidia overtakes Microsoft as the most valuable public company.

Shares of the chipmaker jumped 3.5% overnight on Wall Street and have surged 174% since the beginning of the year. The broad market index advanced 0.25% to close at 5,487.03, while the Nasdaq Composite climbed 0.03% to close the trading day at 17,862.23.

Traders in Asia will focus on Japan’s trade data for May, which saw exports beat expectations. Exports grew 13.5% year-on-year compared to a 13% increase expected by economists polled by Reuters. Imports however grew 9.5% compared to the same period last year, missing expectations of a 10.4% gain.

Separately, investors will assess the Reuters Tankan index which showed business confidence among large Japanese manufacturers decreased to +6 from +9 in May. On the flip side, business confidence among non-manufacturers climbed to +31 from +26 in May.

The Tankan measures business confidence among Japanese corporations, and a positive figure means optimists outnumber pessimists and vice versa.

Japan’s Nikkei 225 increased by 0.61%, while the broad-based Topix inched 0.56%.

Australia’s S&P/ASX 200 slipped marginally.

South Korea’s Kospi gained almost 1%, while the small-cap Kosdaq rose 0.27%.

Hong Kong Hang Seng index futures were at 18,003, higher than the HSI’s last close of 17,915.55.

Overnight in the U.S., the Dow Jones Industrial Average added 0.15%, tracking gains from the other two major indexes.

Leave a comment