Asian equity markets rose broadly on Thursday as investor sentiment improved following US President Donald Trump’s comments downplaying the likelihood of removing Federal Reserve Chairman Jerome Powell.
While he didn’t completely rule it out, Trump said the move was “highly unlikely” unless “he has to leave for fraud.”
China and Hong Kong stay in the green
China’s Shanghai Composite Index advanced 0.37% to 3,516.83 after Citi upgraded China equities, citing improving earnings and structural growth drivers.
The CSI 300 Index also gained 0.2%.
In Hong Kong, the Hang Seng Index gave up early gains to end just 0.1% higher at 24,529.36, after rising as much as 0.6% intraday.
The Hang Seng Tech Index added 0.7%. EV stocks led the advance after Beijing vowed to curb “irrational competition” in the sector, part of a broader push under its “anti-involution” campaign.
Li Auto surged 9.6%, Geely Automobile rose 4.5%, and BYD climbed 1.5%.
Japan rallies ahead of election
Japanese shares posted solid gains ahead of Sunday’s upper house election.
The Nikkei rose 0.60% to 39,901.19 — its highest close in two weeks — while the broader Topix added 0.72% to 2,839.81.
June trade data showed weak exports to the US and China but stronger shipments to the EU, ASEAN, and Russia.
Despite Trump’s remark that the US would likely “live by the letter” on tariffs with Japan, tech stocks led the market higher.
Other regional markets
In South Korea, the Kospi reversed early losses to close 0.19% higher at 3,192.29.
Samsung Electronics jumped 3.1% after the Supreme Court upheld a not-guilty verdict for chairman Jay Y. Lee.
Australia’s S&P/ASX 200 rose 0.90% to 8,639, led by bank stocks, as a surprise uptick in the June unemployment rate to 4.3% fueled speculation of a rate cut by the Reserve Bank of Australia in August.
The All Ordinaries index added 0.84% to 8,890.80.
Indian benchmark indices ended lower on Wednesday, with the Nifty closing just above the 25,100 mark, as weakness in IT and banking stocks weighed on sentiment.
The Sensex declined 375.24 points, or 0.45%, to end at 82,259.24, while the Nifty slipped 100.60 points, or 0.40%, to settle at 25,111.45.
Among the Nifty constituents, Tech Mahindra, IndusInd Bank, Infosys, SBI Life Insurance, and Wipro were the top laggards.
On the other hand, Tata Consumer Products, Tata Steel, Hindalco Industries, Trent, and Mahindra & Mahindra led the gainers.
Sectorally, IT and PSU Bank indices dropped between 0.5% and 1%, while metal, consumer durables, and realty shares posted gains in the same range.
The BSE midcap index ended flat, whereas the smallcap index edged up by 0.25%.
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