Tokyo’s Nikkei 225 Index Soars Near Record Peak
After 35 years, the Tokyo benchmark index, Nikkei 225, is trading near its record high, reaching 38,487.24 and closely approaching the all-time peak of 38,915.87 set in 1989. Despite ongoing weaknesses in the Japanese economy, stock prices continue to climb, fueled by various factors including changes in tax policies and a weak yen attracting investors.
Positive Movement Across Asian Markets
Other markets in Asia also saw gains, with Hong Kong’s Hang Seng index rising by 2.5%, the Kospi in Seoul climbing 1.3%, and Australia’s S&P/ASX 200 advancing by 0.7%. In contrast, Taiwan’s Taiex dipped slightly after hitting a record high, influenced by a surge in TSMC, the world’s largest chip manufacturer.
Wall Street Sets New Record Amid Mixed Economic Reports
On Wall Street, the S&P 500 reached 5,029.73, surpassing its previous high, while the Dow Jones Industrial Average and Nasdaq composite also saw gains. Despite mixed economic data, including weaker U.S. retail sales and lower unemployment benefit claims, financial markets responded positively, with Treasury yields declining.
Corporate Winners and Market Influences
CBRE Group and Shake Shack posted strong quarterly results, driving their stock prices up significantly. Wells Fargo also saw an increase after regulatory changes. The Federal Reserve’s interest rate strategy remains under scrutiny as economic indicators continue to fluctuate.
Oil and Currency Market Updates
In trading, U.S. benchmark crude oil inched up while Brent crude slightly decreased. The U.S. dollar strengthened against the Japanese yen, while the euro experienced a minor decline.