Asian markets traded at a one-month high on Wednesday (19/6), boosted by a rally in technology stocks. In addition, the dollar remained steady as US retail sales data strengthened expectations for a rate cut by the Federal Reserve later this year.
MSCI’s broadest index of Asia-Pacific shares outside Japan moved 1 percent higher and is on track to gain more than 4 percent through June.
Tech stocks rose more than 2% to record highs as the rally was building, with Nvidia to dethrone Microsoft and become the most valuable company on the planet.
The Japanese yen was little changed at 157.835 per dollar, hovering near a six-week low of 158.255 yen / dollar touched last week. The currency remains under pressure due to the wide spread between Japanese and US interest rates.
Minutes of Japan’s central bank meeting in April show officials discussed the impact of a weaker yen on prices, with some pointing to the possibility of an earlier-than-expected hike in rate when inflation is overperforming.
In today’s trading, the Japanese index Nikkei rose 0.19% to 38,500.50, while Australia’s ASX 200 fell 0.21% to 7,761.80.
In mainland China, the Shanghai Composite was down 0.32% at 3,020.61 and the Shenzhen Component was down 0.88% at 9,237.58.
Conversely, in Hong Kong the Hang Seng registered a “jump” of 2.32% to 18,332 points, with “fuel” the technological rally around the world, while South Korea’s Kospi recorded gains of 1.04% to 2,792.76 points.