Asian markets trade higher; Japan's Nikkei 225 jumps over 2.5%

US stocks finished higher on Monday as investors focused on strengthening the USA economy and strong corporate earnings.

Jun 22, 2021 08:06 IST India Infoline News Service

Asian markets trading higher in Tuesday morning trade, with the Japan index leading gains among the region’s major markets.

In Japan, the Nikkei 225 jumped 2.82%, the Topix index gained 2.53%, South Korea’s Kospi advanced 0.64%. Over in Australia, the S&P/ASX 200 gained 1.34%.

Mainland Chinese stocks edged higher as the Shanghai Composite gained about 0.664%, while the Shenzhen Component slipped fractionally and Hong Kong’s Hang Seng index fell slightly.

Meanwhile, US stocks finished higher on Monday as investors focused on strengthening the USA economy and strong corporate earnings. Notably, a slight hawkish remark of the Federal Reserve in the FOMC meeting had unsettled investors last week leading to a sharp recovery in the dollar and flattening yield curve. However, both appeared to be reversing yesterday.

Additionally, New York Fed President yesterday stated that he is not yet ready to scale back Central Bank’s support even if inflation looks mostly higher due to temporary factors. Notably, Federal Reserve Chairman’s testimony before Congress will be in focus today.

The Dow Jones Industrial Average jumped 586.89 points to 33,876.97, the S&P 500 also rose 1.4% to 4,224.79, and the Nasdaq Composite advanced 0.79% to 14,141.48.

Further, oil prices were mixed in with international benchmark Brent crude futures about 0.1% higher at $74.99 per barrel and U.S. crude futures sat fractionally lower at $73.60 per barrel.

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