Regional banks were also back in the spotlight, with reports of rising deposits supporting the beleaguered sector. On Wednesday, the NASDAQ Composite
Regional banks were also back in the spotlight, with reports of rising deposits supporting the beleaguered sector.
On Wednesday, the NASDAQ Composite Index rose by 1.28%, with the S&P 500 and the Dow seeing gains of 1.19% and 1.24%, respectively. The NASDAQ mini was down 6 points this morning.
Economic indicators from the Asian region delivered mixed results this morning. Disappointing employment numbers from Australia eased bets on another RBA interest rate hike. However, investors brushed aside trade data from Japan.
ASX 200
The ASX 200 was up by 0.61%, with employment numbers easing bets on further RBA policy moves to bring inflation to target.
The big-4 had a bullish morning. The Commonwealth Bank of Australia (CBA) and the National Australia Bank (NAB) saw gains of 1.06% and 1.09%, respectively, with Westpac Banking Corp (WBC) up by 0.76%. ANZ Group (ANZ) trailed, rising by 0.57%.
Mining stocks were also on the move. Rio Tinto (RIO) and BHP Group Ltd (BHP) were up by 1.42% and 1.14%, respectively, with Fortescue Metals Group (FMG) gaining 1.04 %. Newcrest Mining (NCM) was down 0.76%.
Oil stocks found support. Woodside Energy Group (WDS) and Santos Ltd (STO) saw gains of 0.59% and 1.40%, respectively. Brent Crude was down 0.25% to $76.77 this morning, partially reversing gains from Wednesday.
Hang Seng Index
This morning, the Hang Seng was up 1.05%, with progress towards avoiding a US default delivering support. Regional banking news from the US and a pickup in crude oil prices on Wednesday also contributed.
Considering the main components, Tencent Holdings Ltd (HK:0700) bucked the broader market trend, falling by 2.57%, while Alibaba Group Holding Ltd (HK:9988) rose by 3.04%.
Bank stocks had a bullish morning session. HSBC Holdings PLC was up by 1.11%, with the Industrial and Commercial Bank of China (HK:1398) and China Construction Bank (HK: 0939) seeing gains of 1.83% and 1.51%, respectively.
CNOOC (HK: 0883) was up 0.94%.
Nikkei 225
The Nikkei 225 rose by 1.28% this morning. Disappointing trade data failed to impact investor sentiment, with a stronger USD/JPY supporting the breakout session.
According to figures released by the Ministry of Finance, exports increased by 2.6% while imports fell by 2.3%. Significantly exports to China declined by 2.9% in April. Exports to the US cushioned the blow, rising by 10.5%. Economists forecast exports to increase by 3.0%.
Sumitomo Mitsui Financial Group (8316) and Mitsubishi UFJ Financial Group saw gains of 2.00% and 0.21%, respectively.
Considering the main components, Sony Corp (6758) led the way, rallying 6.20%, with Tokyo Electron Limited (8035) up 4.39%. Fast Retailing Co (9983) also found support, rising by 1.85%, while SoftBank Group Corp. (9984) and KDDI Corp (9433) saw losses of 1.20% and 0.68%, respectively.
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