Asian markets rally as Singapore stocks hit record 5,780

  • Asian equities rose as easing bond yields and a Wall Street technology rally lifted sentiment.
  • Singapore stocks gained 36 points, or 0.6%, to a record 5,780, while FedWatch priced a 64.2% chance of a 25-basis-point hike.
  • China’s RatingDog services PMI climbed to 51.4 in August, while investors awaited U.S. payrolls and Singapore retail-sales data.

Asian equities advanced Thursday as easing global bond yields and an overnight technology-led Wall Street rally supported risk appetite, while investors awaited Friday’s U.S. nonfarm payrolls report for clues on the Federal Reserve’s rate path. Singapore’s benchmark rose 36 points, or 0.6%, to a record 5,780 around noon, supported by solid private-sector growth and gains in non-energy minerals, transportation, producer manufacturing and finance; rising oil prices limited advances and strengthened rate-hike expectations amid Middle East tensions. Japan’s Nikkei 225 rose 0.3% and the TOPIX gained 1%, led by trading houses after Berkshire Hathaway Chief Executive Greg Abel reaffirmed its long-term commitment to Japanese investments, where it holds stakes of more than 10% and could increase them. South Korea’s KOSPI advanced 1.5%, Australia’s S&P/ASX 200 gained 0.5%, and China’s Shanghai Composite and CSI 300 each rose 0.5%, while Hong Kong’s Hang Seng was largely flat. CME Group’s FedWatch tool showed a 64.2% chance of a 25-basis-point Federal Reserve hike this month, compared with 36.6% a week earlier. China’s RatingDog services PMI rose to 51.4 in August from 50.4, beating the 50.6 forecast, while Japan’s services activity expanded at its fastest pace in five months.

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