In today’s trading session, most Asian stocks saw gains following a strong close on Wall Street, driven by steady expectations for US interest rate cuts this year. 

Japan’s Nikkei 225 went up by 1.7% to 40,120.11, while the Japanese Yen weakened. 

Additionally, commodities experienced notable movement, with gold hitting a new record, oil reaching a five-month high, and copper reaching a 13-month peak. This uplifted shares in basic materials and energy firms. 

Some of these increases stemmed from supply disruptions and geopolitical tensions, yet they also signal confidence in global economic expansion given a resurgence in recent manufacturing surveys (PMI) particularly for China. 

Analyst at JPMorgan stated that the steady enhancements in manufacturing surveys during the last quarter indicate a broader improvement in momentum expected in the coming months. They further stated that the global manufacturing output PMI surged deeper into expansionary territory in March, reflecting positive outcomes across major economies and global business is showing signs of recovery. 

The MSCI’s comprehensive index of Asia-Pacific shares excluding Japan has increased by 0.4% though trading conditions were lighter due to a holiday in China. 

Meanwhile, the Shanghai Composite witnessed a slight decline of 0.18%, or down by 5.66 points to 3,069.30 while the Hang Seng index dropped by 1.22% to 16,725.1.

Along with the Nikkei 225, South Korea’s Kospi also went up by 39.34 points or 1.45% to 2,746.31. India’s Nifty 50 slightly dropped by 0.18% or down by 38.1 points to 22,396.25.

In Australia, the S&P/ASX 200 is up by 0.45% or 34.8 points trading at 7,817.3. Taiwan shares plummeted by 0.63% to 20,337.6.