{"id":67301,"date":"2024-07-29T16:06:05","date_gmt":"2024-07-29T06:06:05","guid":{"rendered":"https:\/\/icmarkets.com.au\/blog\/?p=67301"},"modified":"2025-11-10T17:23:48","modified_gmt":"2025-11-10T06:23:48","slug":"monday-29th-july-2024-asia-pacific-markets-surge-led-by-nikkei-225-following-u-s-inflation-report","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com.au\/blog\/monday-29th-july-2024-asia-pacific-markets-surge-led-by-nikkei-225-following-u-s-inflation-report\/","title":{"rendered":"Monday 29th July 2024: Asia-Pacific Markets Surge Led by Nikkei 225 Following U.S. Inflation Report"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Global Markets:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>&nbsp;Asian Stock Markets : Nikkei up 2.29%, Shanghai Composite down 0.05%, Hang Seng up 1.71% ASX up 0.80%<\/li>\n\n\n\n<li>Commodities : Gold at $2436.35 (0.37%), Silver at $28.18 (0.45%), Brent Oil at $80.63 (0.57%), WTI Oil at $77.49 (0.48%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.187, UK 10-year yield at 4.103, Germany 10-year yield at 2.403<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">News &amp; Data:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>(USD) Core PCE Price Index m\/m&nbsp; 0.2% vs 0.2% expected<\/li>\n\n\n\n<li>(USD) Personal Income m\/m&nbsp; 0.2% vs 0.4% expected<\/li>\n\n\n\n<li>(USD) Personal Spending m\/m&nbsp; 0.3% vs 0.3% expected<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets surged on Monday, led by Japan\u2019s Nikkei 225, following a key U.S. inflation report that raised hopes for an interest rate cut. The U.S. June personal consumption expenditures price index increased by 0.1% month-on-month and 2.5% year-on-year, aligning with economists&#8217; estimates from a Dow Jones poll. The Nikkei 225 rose by 2.26%, and the Topix increased by 2.02%. If the Nikkei maintains its gains, it will end its eight-day losing streak. The Japanese yen also strengthened by 0.18% against the dollar, trading at 153.44.<\/p>\n\n\n\n<p>Mitsubishi Motors was a top performer, jumping over 6% after reports indicated it would join the Honda-Nissan alliance to standardize in-vehicle software. This alliance, which sells over 8 million vehicles globally, aims to consolidate the domestic market into two main groups: Toyota Motor Group and the Honda-Nissan-Mitsubishi alliance. Conversely, shares of Eisai plummeted 13% after the European Medicines Agency did not approve its Leqembi treatment for Alzheimer\u2019s disease, marking it the biggest laggard among the 10 declining Nikkei 225 stocks during a broad rally.<\/p>\n\n\n\n<p>The Bank of Japan&#8217;s monetary policy meeting, starting July 30, is this week&#8217;s highlight. A Reuters poll predicts the central bank will raise rates by 10 basis points to 0.1%. ING analysts expect a 15 basis point hike and a simultaneous reduction in the bond-buying program, citing economic recovery and solid wage growth. Other regional data include China\u2019s July PMI and Australia\u2019s upcoming inflation data ahead of its Aug. 6 policy meeting.<\/p>\n\n\n\n<p>South Korea\u2019s Kospi rose by 1.3%, while the Kosdaq increased by 0.59%. Hong Kong&#8217;s Hang Seng index climbed 1.6%, but China\u2019s CSI 300 fell 0.3% due to declining utilities stocks. Australia\u2019s S&amp;P\/ASX 200 rose 0.80%, and Taiwan&#8217;s Weighted Index rebounded 1.04%. In the U.S., the Dow Jones Industrial Average gained 1.64%, the S&amp;P 500 climbed 1.11%, and the Nasdaq Composite increased by 1.03% on Friday, driven by oversold sentiment, a robust GDP report, and expectations of Federal Reserve rate cuts, according to CFRA Research\u2019s Sam Stovall.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>11:30 PM GMT &#8211; JPY Unemployment Rate<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets surged on [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":74214,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[196,215,339],"tags":[],"class_list":["post-67301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fundamental-analysis","category-market-analysis","category-recent-posts"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/67301","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/comments?post=67301"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/67301\/revisions"}],"predecessor-version":[{"id":67306,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/posts\/67301\/revisions\/67306"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/media\/74214"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/media?parent=67301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/categories?post=67301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com.au\/blog\/wp-json\/wp\/v2\/tags?post=67301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}