Asia stocks rise as ECB appears set to cut rates
Istanbul, June 6 (Hibya) - Asia-Pacific stocks rose Thursday as investors expect the European Central Bank to cut rates, with softer U.S. labour market data fueling hopes that the Fed might follow suit, further boosting market sentiment.
This week, the ECB appears set to cut borrowing costs for the euro area for the first time since September 2019.
Japan’s Nikkei 225 climbed 0.59 percent and gave up earlier gains, while the broad-based Topix gained 0.3 percent.
The S&P/ASX 200 inched up 0.81 percent in Australia, as the country’s exports fell to its lowest level since December 2021.
Hong Kong’s Hang Seng index rose 0.59 percent, paring earlier gains, while the CSI 300 in mainland China was marginally above the flatline.
India’s Nifty 50 and Sensex indexes are up 0.65 percent and 0.49 percent, building on Wednesday’s gains after the National Democratic Alliance, led by Prime Minister Narendra Modi’s Bharatiya Janata Party, agreed to form the next government.
South Korea’s markets were closed for a public holiday.
Overnight in the U.S., Nvidia led major tech stocks higher, and slightly weak labour market data gave investors hope that the Federal Reserve might move to lower interest rates later this year.
The S&P500 rose 1.18 percent to close at 5,354.03, a fresh record, and the Nasdaq Composite advanced 1.96 percent to 17,187.90, also a new record, as Nvidia shares jumped to make it the world’s second most valuable company.
The Dow Jones Industrial Average trailed a bit as stocks outside of technology underperformed, adding just 0.25 percent.
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