Global Markets:
- Asian Stock Markets : Nikkei up 0.88%, Shanghai Composite up 0.88%, Hang Seng up 2.46% ASX down 0.57%
- Commodities : Gold at $2924.35 (0.09%), Silver at $33.15 (0.08%), Brent Oil at $69.5 (0.35%), WTI Oil at $66.68 (0.4%)
- Rates : US 10-year yield at 4.325, UK 10-year yield at 4.6720, Germany 10-year yield at 2.7830
News & Data:
- (USD) ADP Non-Farm Employment Change 77K to 141K expected
- (CAD) Labor Productivity 0.6% to 0.6% expected
- (USD) Final Services PMI 51.0 to 49.7 expected
- (USD) ISM Services PMI 53.5 to 52.5 expected
Markets Update:
Asia-Pacific markets mostly gained on Thursday, tracking Wall Street’s rebound after U.S. President Donald Trump postponed tariffs on certain automakers. Japan’s Nikkei 225 rose 1%, while the Topix climbed 1.3%. Japanese government bond yields surged, with the 10-year yield reaching its highest level since 2009, according to LSEG data. Meanwhile, South Korea’s Kospi gained 0.9%, while the small-cap Kosdaq slipped 0.75%. The country’s February consumer inflation rose 2% year-on-year, slightly above Reuters’ estimate of 1.95%, but lower than January’s 2.2% increase.
Hong Kong’s Hang Seng Index jumped 2.47% at the open, and mainland China’s CSI 300 added 0.6% following Beijing’s decision to raise its fiscal deficit to around 4% of GDP. This rare increase signals a notable shift in economic policy. However, Australia’s S&P/ASX 200 edged down 0.6%, making it an exception among regional markets.
The White House announced a one-month delay on tariffs for automakers that comply with the United States-Mexico-Canada Agreement. White House spokesperson Karoline Leavitt stated that Trump was open to additional tariff exemptions beyond the temporary pause on auto levies. The decision provided relief to global markets, particularly the automotive sector.
On Wall Street, stocks rebounded sharply. The Dow Jones Industrial Average jumped 485.60 points (1.14%) to close at 43,006.59, recovering from a two-day drop of more than 1,300 points. The S&P 500 added 1.12% to 5,842.63, while the Nasdaq Composite climbed 1.46% to 18,552.73, reflecting renewed investor optimism.
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