Asian stocks rise as inflation fears ease
Asian markets opened higher on Monday as easing inflation concerns reduced the likelihood of further US rate hikes, with investors awaiting key US data.
Key Takeaways
AIAsian stock markets climbed at the start of trading on Monday, as easing concerns over inflation reduced expectations of another US interest rate hike. The gains come in a week when investors are awaiting important US economic data.
Japan’s benchmark Nikkei 225 index rose 2.5% to 70,037.61 points, surpassing the 70,000 mark for the first time in three months.
Australia’s S&P/ASX 200 index edged up 0.1% to 8,691.90 points. Meanwhile, Hong Kong’s Hang Seng index was unchanged at 23,971.55 points, steady from Friday’s close.
Light trading and strong demand for AI stocks
Shanghai and Seoul stock exchanges remained closed for national holidays, leading to lower regional trading volumes.
Investor interest was strong in artificial intelligence-related stocks. Japanese chipmaker Tokyo Electron gained 5.5%, while technology-focused SoftBank Group rose 3.3%.