Asian stock markets posted a mixed performance on Thursday, with most benchmarks rising in line with Wall Street gains after a weak US labor‑market report sparked hopes for an interest‑rate cut and boosted investor confidence. European and US equities had rebounded on Wednesday as a global bond sell‑off eased, and shares of Google parent Alphabet jumped 9% following a favorable antitrust court ruling. The ruling also helped Apple, whose agreement to make Google search the default on iPhones was upheld, lifting its shares by nearly 4%.
Gold reached a new high as investors worried about mounting government debt, while Japanese bond yields hit record levels. The yield on 30‑year Japanese government bonds rose to 3.29%, and 20‑year yields climbed to 2.69%, their highest since 1999. In Asia, benchmark indexes were up in Tokyo, Seoul, Sydney and Taipei during Thursday morning trading, but Shanghai fell 0.9% and Hong Kong slipped 0.2%. Shares of Cambricon, a leading Chinese semiconductor firm and competitor to US chip giant Nvidia, dropped more than 9% in Shanghai.
The soft US labor‑market report, which showed a decline in job openings, lifted confidence that the Federal Reserve will cut rates. This led to a weaker US dollar, making Asian assets more attractive on a currency‑adjusted basis. Stephen Innes of SPI Asset Management noted, “When the US dollar slides, Asian assets instantly look more attractive… and regional equities should snap to life after a sluggish start to September.”
Oil prices continued to fall on Thursday amid expectations of excess supply in the coming months, as OPEC+ nations are likely to unwind production cuts further. At 0215 GMT, the Tokyo Nikkei 225 was up 0.9% at 42,327.34, the Hong Kong Hang Seng Index down 0.2% at 25,299.52, and the Shanghai Composite down 0.9% at 3,780.21. The euro/dollar slipped to $1.1654 from $1.1663 on Wednesday.
Investors are closely watching these market trends, weighing the potential impact of a US interest‑rate cut against ongoing concerns about government debt. As the global economy evolves, they will be looking for signs of stability and growth in the coming months. The mixed performance in Asian stock markets reflects the complexities of the current economic landscape, where multiple factors are influencing investor decisions and market direction.
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