Tokyo’s Nikkei 225 Crosses 35,000 Mark, Tops February 1990 Record
The Nikkei 225, Japan’s benchmark index, made headlines today as it briefly crossed the 35,000 mark for the first time since February 1990. The index popped 1.88% at the opening of trading, reaching this significant milestone before falling back below that level. The Topix, also rising 1.49%, hit fresh 33-year highs. This record-breaking rally in Tokyo’s stock market showcases the continued strength of Japan’s economy and investor optimism.
Asia-Pacific Markets Rise Ahead of U.S. Inflation Figures for December
Across the Asia-Pacific region, markets are experiencing a positive trend, with many investors eagerly awaiting the release of U.S. inflation figures for December. In South Korea, the Kospi inched up 0.17%, while the small cap Kosdaq rose 0.72%. In Australia, the S&P/ASX 200 rebounded from Wednesday’s losses, starting the day 0.42% higher. Hong Kong’s Hang Seng index is also pointing to a stronger open compared to its previous close.
Bank of Korea Expected to Hold Benchmark Lending Rate, Australia Sees Trade Data Rebound
Investors in Asia have their eyes on the Bank of Korea, as the bank is expected to announce its rate decision. Economists polled by Reuters anticipate that the bank will hold its benchmark lending rate at 3.5% for its eighth consecutive meeting. In Australia, the S&P/ASX 200 started the day with a rebound of 0.42% and is expected to be driven by the country’s trade data for November.
U.S. Stock Market Gains as Investors Await Fresh Inflation Data and Earnings
Overnight in the U.S., all three major indexes experienced gains as traders eagerly awaited the release of fresh U.S. inflation data and earnings reports. The S&P 500 gained 0.57%, the Dow Jones Industrial Average added 0.45%, and the tech-heavy Nasdaq Composite advanced 0.75% to settle at 14,969.65. Investors will closely monitor the U.S. consumer price index report, with economists expecting a 3.2% year-over-year increase in December. The producer price index reading will be released later this week.
Analysts Prefer Tesla or BYD? Read What the Pros Say
Tesla and its Chinese rival, BYD, have been in the spotlight recently as BYD dethroned Tesla as the top electric vehicle maker globally in the fourth quarter of 2023. Additionally, BYD surpassed Tesla’s production for the second consecutive year. This achievement has raised the question of whether investors should stick with long-time favorite Tesla or buy into the rising star BYD. Analysts weigh in on their preferences and provide insights into the potential upside for each company.
As mentioned above, Tokyo’s Nikkei 225 reaching a record high and the positive trend in Asia-Pacific markets reflect the strong economic conditions and investor optimism. Additionally, the anticipation of U.S. inflation figures and earnings reports adds to the market’s excitement. Finally, the analysis of Tesla versus BYD provides valuable insights for investors looking to navigate the electric vehicle market.
Analyst comment
Positive: Tokyo’s Nikkei 225 crossing the 35,000 mark and Asia-Pacific markets rising indicate strong economic conditions and investor optimism. The anticipation of U.S. inflation figures and earnings reports also adds to market excitement. The analysis of Tesla versus BYD offers insights for investors in the electric vehicle market.
