In a move that surprised many, China decided to keep its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively. This decision came after the country announced measures to boost its property market, signaling confidence in the current state of the economy.
Following China’s announcement, Hong Kong’s Hang Seng index saw a 0.51% increase, while the mainland Chinese CSI300 gained 0.42%. Investors are closely monitoring trade, inflation, and business activity data from Japan this week, as well as Singapore’s upcoming April inflation data and first-quarter GDP figures.
Japan’s Nikkei 225 surged by 1.5%, with the Topix also showing a strong gain of 1.21%. South Korea’s Kospi followed suit with a 1.09% increase, although the Kosdaq experienced a slight dip of 1.02%. The focus now shifts to South Korea’s central bank rate decision scheduled for Thursday.
As Asia-Pacific markets continue to rise, investors are also keeping an eye on Taiwan as a new president formally takes office. The Australian S&P/ASX 200 advanced by 0.59%, indicating a positive outlook for the region. In the U.S., the Dow Jones Industrial Average closed above the key 40,000 level for the first time, signaling a strong performance in the American market.
Analysts like Tom Lee from Fundstrat Global Advisors believe that the market rally will persist in the short term. Lee pointed out potential catalysts such as Microsoft Build event and Nvidia’s fiscal first-quarter results, which are expected to drive further growth in the market. Investors remain optimistic about the future outlook of the Asia-Pacific markets as economic data continues to shape market sentiment.
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