Asian equities saw gains today as technology sector growth offset concerns about the Federal Reserve’s upcoming meeting. Chinese markets led the surge following government moves to relax property market regulations.
Investors shrugged off worries about prolonged U.S. rate hikes post-last week’s inflation data, though concerns are expected to mount as the Fed meeting nears.
Tech stocks, buoyed by strong performances from Microsoft (NASDAQ: MSFT) and Alphabet (NASDAQ: GOOGL), lifted markets, with U.S. futures also up in Asian trading.
Despite sticky U.S. inflation data, anticipation of hawkish signals from the Fed meeting didn’t dampen enthusiasm for tech stocks.
Chinese markets soared on property sector optimism after the government announced measures to ease home purchase restrictions, aiming to bolster the market amid a three-year slump.
Upcoming PMI data in China could offer insights into the country’s economic recovery, while earnings reports from major Chinese firms, particularly state-owned banks and energy companies, are also anticipated.
Hong Kong’s Hang Seng led gains in Asia, driven by tech and property stocks, nearing bull market territory after a 20% climb from January lows.
South Korea’s KOSPI and Taiwan’s Weighted Index also rose on gains in chipmaking stocks, boosted by strong earnings from U.S. tech giants.
Australia’s ASX 200 saw broad-based gains, while Indian markets prepared for potential volatility with the upcoming 2024 general elections.
Japanese markets were closed for a holiday.
This article is adapted for stockerworld.com and was generated with the assistance of artificial intelligence.
