Wednesday 29th January 2025: Asian Stocks Rise as Wall Street Rebounds

Global Markets:

•  Asian Stock Markets : Nikkei down 0.54%, Shanghai Composite down 0.06%, Hang Seng up 0.14% ASX up 0.57%
• Commodities : Gold at $2795.35 (0.03%), Silver at $30.85 (-0.18%), Brent Oil at $76.29 (-0.29%), WTI Oil at $73.64 (-0.23%)
• Rates : US 10-year yield at 4.523, UK 10-year yield at 4.611, Germany 10-year yield at 2.560

News & Data:

• (USD) CB Consumer Confidence  104.1 vs 105.7 expected
• (USD) Richmond Manufacturing Index  -4 vs -13 expected

Markets Update:

Japan and Australian stocks rose Wednesday as Wall Street rebounded overnight, while several Asia-Pacific markets remained closed for the Lunar New Year holiday. Japan’s Nikkei 225 gained 0.84%, and the Topix rose 0.74%, recovering from the previous session’s losses. Minutes from the Bank of Japan’s December meeting revealed discussions on neutral interest rates and monetary policy, as inflation remains above the 2% target and wage hikes continue due to labor shortages. Last week, the BOJ raised interest rates by 25 basis points to 0.5%, the highest level since 2008.

Australia’s S&P/ASX 200 climbed 0.72%, reversing earlier losses. The Australian Bureau of Statistics reported that inflation rose 0.2% in the December quarter and 2.4% annually, slightly below economists’ expectations of 2.5%. Lower-than-expected inflation could ease concerns over aggressive monetary tightening in the country.

On Wall Street, major indexes rebounded after a sharp sell-off triggered by concerns over competition from Chinese AI startup DeepSeek. The S&P 500 gained 0.92% to 6,067.70, driven by a strong performance in the technology sector. The Nasdaq Composite surged 2.03% to 19,733.59, while the Dow Jones Industrial Average added 136.77 points (0.31%) to close at 44,850.35.

Nvidia rebounded nearly 9% after a historic 17% drop in the previous session, which erased nearly $600 billion in market value. Other major tech companies also posted gains, with Broadcom rising 2.6% and Oracle climbing 3.6%, as investors sought opportunities following Monday’s steep losses.

Upcoming Events: 

• 02:45 PM GMT – CAD Overnight Rate
• 07:00 PM GMT – USD Federal Funds Rate

The post Wednesday 29th January 2025: Asian Stocks Rise as Wall Street Rebounds first appeared on IC Markets | Official Blog.