Asian Stock Market Mostly Showed Gains As Wall Street Hits Records

Asian stocks showed the most gains following US benchmarks setting new records amid indications of a slow US economy that hasn’t slipped int

Sophia Cruz•Wednesday, June 19, 2024•1 min read

US stock markets ended up mostly in red today

In today’s trading session, Asian stocks showed the most gains following US benchmarks setting new records amid indications of a slow US economy that hasn’t slipped into recession.

US futures were mixed, while oil prices declined.

Japan’s Nikkei 225 index rose 0.2% to 38,570.86 as May trade data showed exports increased by 13.5% and imports by 9.5% year-on-year, driven by rising prices and the yen’s depreciation against the US dollar.

Minutes from the Bank of Japan’s recent policy meeting revealed discussions among policymakers about the potential for the weak yen to drive up inflation further. Governor Kauzo Ueda has suggested that the benchmark interest rate might be raised in the coming months, contingent on economic data.

IG Asia meanwhile, stated that movements in the Nikkei indicate significant indecisions, with the index remaining in a broad consolidation phase.

In Hong Kong, the Hang Seng index also climbed 2.9% to 18,437.57, while the Shanghai Composite index fell 0.4% to 3,018.05. This decline came after the head of China’s securities regulator announced at a financial forum in Shanghai that the agency would strengthen oversight of all financial activities to mitigate potential risks.

Meanwhile, Korea’s efforts to boost corporate value receive a positive evaluation.

“Asian markets are approaching their historical valuation lows,” stated the international asset manager at Robeco. The firm also announced plans to increase its exposure to the Korean market, positively assessing the government’s initiatives to enhance corporate value.

One factor contributing to market performance is the concerted effort by multiple governments to enhance corporate value. Initiatives that originated in Japan are now spreading across Asia, including Korea.

South Korea’s Kospi surged 1.2% to 2,797.33.

In Australia, the S&P/ASX 200 went down by 0.1% to 7,769.10.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.