{"id":69619,"date":"2024-05-07T16:31:31","date_gmt":"2024-05-07T06:31:31","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=69619"},"modified":"2025-11-10T21:55:46","modified_gmt":"2025-11-10T10:55:46","slug":"tuesday-7th-may-2024-asian-markets-rally-on-wall-street-optimism-and-regional-developments","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/tuesday-7th-may-2024-asian-markets-rally-on-wall-street-optimism-and-regional-developments\/","title":{"rendered":"Tuesday 7th May 2024: Asian Markets Rally on Wall Street Optimism and Regional Developments"},"content":{"rendered":"\n<h3><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 1.47%, Shanghai Composite up 0.12%, Hang Seng down 0.51% ASX up 1.44%<\/li>\n\n\n\n<li>Commodities : Gold at $2324.5 (-0.15%), Silver at $27.43 (-0.46%), Brent Oil at $83.44 (0.18%), WTI Oil at $78.56 (0.15%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.47, UK 10-year yield at 4.26, Germany 10-year yield at 2.44<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(EUR) PPI m\/m&nbsp; -0.4% vs -0.4% expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>South Korean stocks led gains in Asia-Pacific markets on Tuesday, buoyed by a surge on Wall Street driven by expectations of a potential interest rate cut by the Federal Reserve. The Kospi in South Korea soared over 2%, hitting a one-month high, driven by major players like Samsung Electronics and SK Hynix. Meanwhile, the Kosdaq, focusing on small-cap stocks, saw a rise of 0.76%.<\/p>\n\n\n\n<p>Australia&#8217;s Reserve Bank maintained its benchmark lending rate at 4.35% for the fourth consecutive meeting, influencing the S&amp;P\/ASX 200 index, which climbed 1.02% after the announcement, heading for a fourth consecutive day of gains. In Japan, the Nikkei 225 resumed trading after a holiday, recording a rise of 1.47%, while the broader Topix index increased by 0.42%.<\/p>\n\n\n\n<p>However, Hong Kong&#8217;s Hang Seng index experienced a reversal in gains, declining by 0.51%, and China&#8217;s CSI 300 fell by 0.17%. Overnight in the United States, an announcement from Hamas accepting an Egyptian-Qatari cease-fire proposal to end the conflict with Israel provided a boost to stocks. The Dow Jones Industrial Average marked its fourth consecutive winning session, up by 0.46%, with the S&amp;P 500 advancing by 1.03% and the Nasdaq Composite gaining 1.19%.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>8:30 AM GMT &#8211; GBP Construction PMI<\/li>\n\n\n\n<li>9:00 AM GMT &#8211; EUR Retail Sales m\/m<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: South Korean stocks led [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/69619"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=69619"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/69619\/revisions"}],"predecessor-version":[{"id":69620,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/69619\/revisions\/69620"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=69619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=69619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=69619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}