Japan’s Nikkei 225 soared to fresh highs in Thursday morning trade, with the benchmark breaching the 44,250 mark for the first time. The rally reflected gains seen in U.S. equities overnight, buoyed by mounting expectations that the Federal Reserve might ease interest rates following encouraging inflation figures.
In Tokyo, tech conglomerate SoftBank Group provided a significant boost to the index, surging nearly 10% and extending its winning streak to a second day.
Meanwhile, South Korea’s Kospi showed resilience, advancing 0.65%, whereas Australia’s ASX 200 slipped by 0.33%. In Hong Kong, the Hang Seng Index declined nearly 1%, while China’s main bourses performed modestly—Shanghai Composite edged up 0.10%, Shenzhen Composite gained 0.38%, and the CSI 300 rose by 0.39%.
U.S. markets recorded a robust performance overnight. The S&P 500 closed at another record, up 0.3%, for a second consecutive day of all-time highs. The tech-heavy Nasdaq also extended its record-setting streak, advancing less than 0.1%. However, the Dow Jones Industrial Average suffered a slight pullback, dipping 0.5%. Oracle’s shares skyrocketed by 36% after delivering an optimistic revenue outlook, setting the pace for tech gains.
Energy markets remain volatile, with crude prices jumping over $1 a barrel on Wednesday amid worries about global supply after a series of geopolitical disruptions, including drone activity over Poland and renewed U.S. sanctions targeting buyers of Russian oil.
However, a report indicating rising U.S. inventory levels tempered the rally. Brent crude closed up 1.7% at $67.49 per barrel, while West Texas Intermediate (WTI) finished at $63.67, also up 1.7%. Early Thursday, oil prices steadied as concerns about oversupply and tepid U.S. demand countered geopolitical risks—Brent trading at $67.50 and WTI at $63.69.
On the commodities front, gold continued to trade near its historic highs amid speculation that the Fed will soon shift to a more accommodative stance. Spot gold rose 0.6% to $3,645.96 per ounce, after briefly touching a new record of $3,673.95 the day before.
