Asia Pacific Markets Rise as Investors Remain Hopeful on Fed’s Rate Cuts

On Tuesday morning (7 May, 9:20 AM, GMT+7, Bangkok time), major indices in Asia Pacific rose and were in line with the US markets, as investors were hopeful for rate cuts from the US Federal Reserve. Meanwhile, investors also monitored the announcement of rates decision from the Reserve Bank of Australia, anticipating it to be steady at 4.35% from economists polled by Reuters.


Japan’s NIKKEI soared by 1.17% to 38,684.46. South Korea’s KOSPI jumped by 1.92% to 2,727.94, and Australia’s ASX 200 climbed by 0.4% to 7,712.9.

As for stocks in China, Shanghai’s SSEC edged up by 0.13% to 3,144.92. Shenzhen’s SZI rose by 0.25% to 9,803.45, while Hong Kong’s HSI slid by 0.15% to 18,550.11.


Meanwhile, the US stock markets edged up on Monday as the Dow Jones Industrial Average (DJIA) increased by 0.46% to 38,852.27. NASDAQ gained 1.19% to 16,349.25, and S&P 500 surged by 1.03% to 5,180.74. VIX remained unchanged at 13.49.


As for commodities, oil prices settled slightly higher on Monday as traders digested the situation in the Middle East after Hamas approved the proposal regarding a cease-fire agreement, while Israel has not yet released an official statement on the matter. Brent gained 37 cents or 0.45% to $83.33 per barrel, and the West Texas Intermediate (WTI) increased 37 cents or 0.47% to $78.48 a barrel.

This morning, Brent rose 17 cents or 0.2% to $83.5 a barrel, and the WTI grew 20 cents or 0.25% to $78.68 per barrel.

Meanwhile, gold futures climbed by 0.02% to $2,331.7 per Troy ounce.