Asian stocks today: Markets inch higher tracking Wall Street’s rally; Nikkei jumps 4%, HSI adds 460 points
In Japan, Nikkei was up 4.44% or 2,410 points to trade at 56,663.
Hong Kong’s HSI was also trading in green at a gain of 1.5% or 406 points to reach 26,966 at 8:50 am IST.
Shanghai and Shenzhen gained 1.1% and 1.9% respectively.
South Korea’s Kospi added 3.9% to trade at 5,290. Results showed Takaichi’s ruling Liberal Democratic Party capturing close to a two-thirds majority in the lower house.
The scale of the mandate is seen as clearing the path for heavier fiscal support measures and deep tax reductions. “We will prioritise the sustainability of fiscal policy.
We will ensure necessary investments.
Public and private sectors must invest.
We will build a strong and resilient economy,” she said as the results rolled in. There is also lingering sensitivity around the country’s huge public debt, particularly if the government follows through with tax cuts alongside higher expenditure.
In immediate trading, however, optimism dominated.
At one point the Nikkei 225 jumped more than 5%, moving beyond 57,000 for the first time, while the yen gained ground. The regional strength came on the heels of a firm performance in the United States at the end of last week.
The Dow pushed past the 50,000 mark for the first time, as investors assessed economic prospects and the chance that borrowing costs could be lowered. Yet uncertainty has not disappeared, particularly in technology counters, where doubts persist over the scale of spending on artificial intelligence and the timing, or certainty, of returns.
Safe-haven assets also remained steady.
Gold traded around $5,000 and silver near $80, after dramatic movements that had taken them from record highs of $5,595 and $121 to lows of $4,402 and $64.
