Tokyo, Japan
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Asia-Pacific stocks were mostly higher on Thursday as several markets remained closed for Boxing Day.
Japanese Nikkei Stock Average A day after reports that the country is preparing a record $735 billion budget for the fiscal year starting in April, TOPIX rose 1.12% to close at 8,220.9; The transaction was completed. The draft budget, reviewed by Reuters, includes increases in social security and debt servicing costs.
Furthermore, on Wednesday, Bank of Japan Governor Kazuo Ueda said, “Japan’s economy will move closer to sustainable and stable inflation of 2% (in 2025) with rising wages.”
On Thursday, the 10-year Japanese government bond yield rose 1.3 basis points to 1.078% and the yen rose to 157.16 yen against the dollar, suggesting the market expects the Bank of Japan to raise interest rates. .
Shares of Japanese automakers Nissan and Honda rose 6.58% and 3.84%, respectively. The two companies began formal negotiations earlier this week for a merger that could create the world’s third-largest automaker by sales.
shares of Japan AirlinesMeanwhile, the airline closed 0.24% lower after a cyber attack caused delays to both domestic and international flights. The system then recovered successfully.
Korean Kospi The index fell 0.44% to close at 2,429.67, and the Kosdaq fell 0.66% to close at 675.64. According to Yonhap News, the country’s main opposition party, the Democratic Party of Korea, has submitted a bill to impeach acting President Han Deok-soo, and a vote is scheduled for Friday.
alibaba group holding A deal to combine the company’s South Korean operations with E-Mart’s e-commerce platform is nearing completion in a bid to strengthen its position in the country’s fast-growing online retail market, Bloomberg reported, citing sources. That’s what it means. E-Mart stock ended the day up 5.45%.
China’s CSI 300 rose slightly to close at 3,987.48 after the World Bank revised upward its gross domestic product (GDP) growth forecast for 2024 and 2025 to reflect recent policy adjustments. . The group expects China’s GDP growth rate to be 4.9% in 2024, compared with the previous forecast of 4.8%. China’s GDP is expected to grow by 4.5% in 2025, higher than the agency’s prior forecast of 4.1%.
The Chinese government announced on Wednesday that efforts to stabilize China’s real estate market and stem its decline will continue into 2025. Measures include commercial housing supply management to optimize supply.
Singapore’s manufacturing output rose 8.5% year-on-year in November, the fifth consecutive month of growth, driven by strong performance in the electronics sector. However, it fell short of the 10% growth rate predicted by Reuters. On a seasonally adjusted month-on-month basis, the country’s manufacturing production fell by 0.4%, compared with a 0.8% rise expected by Reuters.
Markets in Australia, New Zealand and Hong Kong were closed for the Boxing Day public holiday.
Overnight, markets in the United States were closed for Christmas. Stocks soared on Tuesday, Christmas Eve, as the market continued its holiday week gains.
The S&P 500 rose 1.1% to 6,040.04 and the Dow Jones Industrial Average rose 390.08 points, or 0.91%, to 43,297.03. The Nasdaq Composite Index rose 1.35% to 20,031.13, helped by a 7.4% rise in Tesla stock.
Tuesday marked the beginning of the seasonal Santa Claus Rally. Santa Claus rallies occur on the last five business days of the year and the first two business days of January.
—CNBC’s Yun Li and Sean Conlon contributed to this article.
