April 23, 2024

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“Asia-Pacific stocks mixed after Fed rate resolution

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On the last trading day of the week, major stock indices in the Asia-Pacific region were mixed amid the latest Fed rate resolution and geopolitical developments.

“Asia-Pacific stocks mixed after Fed rate resolution

Market Review:

Positive Sentiment: Most of the Asia-Pacific region’s stock indices rose, buoyed by the Fed’s decision not to cut interest rates in March.
KOREA CONSUMER PRICE INDEX: South Korea’s Consumer Price Index (CPI) rose by 2.8 per cent year-on-year, providing positive sentiment for the country’s equities.
Geopolitical Developments:

Inter-Korean tensions: North Korea launched more cruise missiles towards its west coast, adding to the ongoing turmoil in inter-Korean relations.
Regional stock market performance:

Hang Seng (Hong Kong): The index was down 0.17 per cent at 7:13 a.m. CET.
Kospi (South Korea): The Kospi jumped 2.81 per cent, reflecting positive market sentiment.
SSE Composite (China): At 7:10 a.m. CET, the index was down 2.33 percent.
Shenzhen Composite (China): The Shenzhen Composite Index fell 4.08 per cent.
S&P/ASX 200 (Australia): Australia’s benchmark index closed up 1.47 per cent.
Nikkei 225 (Japan): Japan’s Nikkei 225 closed marginally higher by 0.41 per cent.
Currency markets

USDJPY: The dollar was flat against the yen at 146.3865 at 7:13 a.m. CET.
Conclusion:
Stocks in the Asia-Pacific region were mixed, as positive sentiment from the Fed’s interest rate resolution was tempered by geopolitical tensions on the Korean Peninsula. Investors will continue to monitor economic indicators and geopolitical developments for insight into future market movements.

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