What's Affecting Markets Today
Asian markets rise as FED cuts
Asia-Pacific markets rose in volatile trading on Thursday as investors digested the Federal Reserve’s decision to cut interest rates by 0.5%. Japan’s Nikkei 225 jumped 2.53%, with the Topix rising 2.41%. The yen weakened 0.68% to 143.24 per U.S. dollar. The Fed’s rate cut brings its target range to 4.75% to 5%.
Hong Kong’s Monetary Authority followed the Fed, lowering rates by 50 basis points to 5.25%, pushing the Hang Seng index up 1.81%. Shares of China Vanke surged 8.7%, while Mainland China’s CSI 300 rose 0.8%, driven by a 4.3% increase in real estate stocks.
South Korea’s Kospi edged up 0.11%, and the Kosdaq gained 0.65%. New Zealand’s Q2 GDP contracted by 0.2%, less than the expected 0.4% decline. Taiwan’s Weighted Index climbed 1.24% ahead of the central bank’s rate decision and updated forecasts.
The Bank of Japan begins a two-day meeting, with a key rate decision anticipated as it moves away from ultra-low interest rates.
ASX Stocks
ASX 200 - 8,188.7 (+0.6%)
Key Highlights:
Leaders
SGM Sims Ltd (+13.96%)
ZIP ZIP Co Ltd (+7.77%)
NXL NUIX Ltd (+7.22%)
PDN Paladin Energy Ltd (+7.22%)
DYL Deep Yellow Ltd (+6.71%)
Laggards
ALQ Als Ltd (-9.00%)
IMD IMDEX Ltd (-5.13%)
ADT Adriatic Metals Plc (-4.39%)
CPU Computershare Ltd (-3.88%)
BCI BCI Minerals Ltd (-3.33%)
