Cherry trees in bloom near the Nippon Budokan in Tokyo, Japan, on Sunday, April 7, 2024, provided a picturesque backdrop for the bustling Asian markets on Monday. The region saw mostly positive gains, buoyed by the S&P 500 hitting new highs and Nvidia surpassing Microsoft as the most valuable public company.
Shares of the artificial intelligence chip firm Nvidia surged 3.5% overnight on Wall Street, propelling the company’s stock price up by 174% since the beginning of the year. The broad market index in Asia advanced 0.25% to close at 5,487.03, with the Nasdaq Composite also climbing 0.03% to end the trading day at 17,862.23.
Investors in Asia were closely watching Japan’s trade data for May, which showed exports beating expectations with a 13.5% year-on-year growth. However, imports grew by 9.5%, falling short of the expected 10.4% gain. Additionally, the Reuters Tankan index revealed a decrease in business confidence among large Japanese manufacturers, while non-manufacturers saw an increase in optimism.
The Nikkei 225 Index in Japan rose by 0.61%, while the Topix index edged up by 0.56%. Australia’s S&P/ASX 200 experienced a slight decline, while South Korea’s Kospi index gained nearly 1% and the Kosdaq rose by 0.27%. Hong Kong’s Hang Seng index futures were also on the rise, indicating a positive start for the market.
Amidst the financial news and market movements, the serene beauty of the cherry blossoms in Tokyo served as a reminder of the fleeting nature of time and the cyclical nature of the economy. As traders and investors navigated the ups and downs of the markets, the cherry trees stood as a symbol of hope and renewal in the bustling city of Tokyo.
