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Asia-Pacific Markets Rise as Weakening Yen Supports Japanese Market
Asian markets rose on Monday, led by Japan’s Nikkei, following LDP’s election loss and yen depreciation. Oil prices fell amid Middle East tensions; gold slightly decreased. US markets were mixed.
Asia Pacific Markets Rally
On Monday morning, October 28, the Asia Pacific markets saw an upward trend. Japan’s Nikkei index led the gains, reportedly due to the Liberal Democratic Party’s loss in the lower house elections. The depreciation of the yen, which hit a low of 153.32 against the USD, also bolstered Japan’s market.
The Nikkei rose by 1.51% to 38,485.48, while South Korea’s KOSPI climbed 0.58% to 2,598.27. Australia’s ASX 200 saw a modest rise of 0.15% to 8,223.9. Meanwhile, indices in China, including Shanghai’s SSEC, Hong Kong’s HSI, and Shenzhen’s SZI, also showed minor increases.
US Market Fluctuations and Commodity Volatility
In the US, markets had mixed results last Friday, with the Dow Jones Industrial Average dropping by 0.61% to 42,114.4, and the S&P 500 sliding 0.03% to 5,808.12, whereas the NASDAQ gained 0.56% to 18,518.61. The VIX increased by 6.55% to 20.33. Commodities saw a rise on Friday, driven by Middle East tensions and upcoming US elections, with Brent futures and West Texas Intermediate both seeing significant increases. However, by Monday morning, Brent futures fell by 4.26% to $72.81, and WTI decreased by 4.44% to $68.59. Gold futures also experienced a slight dip, dropping by 0.37% to $2,744.5 per Troy ounce.
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