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Asian markets trade flat; Japan's Nikkei 225 index outperforms

The Nikkei 225 in Japan jumped 1.89% while the Topix index gained 2.1%.

September 24, 2021 9:04 IST | India Infoline News Service
Asian markets trading almost flat on Friday as investors continue to watch developments surrounding China Evergrande Group.

The Nikkei 225 in Japan jumped 1.89% while the Topix index gained 2.1%, South Korea’s Kospi hovering between gains and losses at 3,127.58 and the S&P/ASX 200 fell 0.17%.

Hong Kong’s Hang Seng index traded fractionally higher. While, Chinese stocks traded lower, with the Shanghai Composite down and the Shenzhen Component up 0.53%.

Meanwhile, the US equities extended gains with all three key indices gaining over 1% as investors continued to cheer no surprise from the FOMC meeting outcome.

The Dow Jones Industrial Average jumped 506.50 points to 34,764.82 while the S&P 500 gained 1.21% to 4,448.98. The Nasdaq Composite advanced 1.04% to 15,052.24.

Notably, the Fed chairman stated that plan to taper the asset purchase programme could be announced in the November policy meeting and hinted interest rate hike in 2022, which was mostly expected by markets. Initial jobless claim data for the latest week stood at 3.51 lakh, which is higher than the consensus expectation of 3.2 lakh.

However, on a surprise move, the 10-year USA treasury yield hardened by 12 bps yesterday to 1.42% as the market appears to start factoring likely hike in interest rate in 2022. 

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