Asian markets showed a mixed performance on Thursday, with South Korea’s stock market continuing its post-election rally while other regional indexes fluctuated near 10-month highs. Investor sentiment was cautious following the release of US private sector employment data, which fell to its lowest level in over two years, raising concerns about trade uncertainties weighing on the world’s largest economy.
According to payroll processor ADP, US private payrolls increased by only 37,000 jobs in April—significantly below the revised 60,000 jobs gained in March and far short of the 110,000 jobs forecast by economists surveyed by Dow Jones.
South Korea
South Korea’s benchmark KOSPI index climbed 1.49% to close at 2,812.05 after hitting its highest level in more than 10 months earlier in the session. The smaller KOSDAQ index rose 0.8% to 756.23. Analysts at Nomura project the KOSPI could reach 2,900 by the end of 2025, driven by anticipated capital market reforms under President Lee Jae-myung’s administration.
Bank of Korea analysts, led by Jeong Woo Park, highlighted in a report that President Lee is expected to boost domestic demand with a swift release of a second supplementary budget in July. They predict a more expansionary fiscal policy during his tenure, exceeding the government’s current long-term plan of an average 3.7% year-on-year spending growth over the next three years.
Japan and Australia
Japan’s Nikkei 225 dropped 0.51%, closing at 37,554.49, while the broader Topix index fell 1.03% to 2,756.47. Australia’s S&P/ASX 200 ended flat at 8,538.9.
China, Hong Kong, and India
Hong Kong’s Hang Seng index rose 0.85%, while China’s CSI 300 index gained 0.23% to close at 3,877.56. India’s Nifty 50 and Bombay Stock Exchange Sensex advanced 0.84% and 0.77%, respectively. The Reserve Bank of India is widely expected to cut its benchmark interest rate by 25 basis points to 5.75% following a two-day policy meeting concluding Friday.
US Markets
The Dow Jones Industrial Average ended a four-day winning streak, falling 91.90 points (0.22%) to 42,427.74 overnight. Meanwhile, the S&P 500 edged up 0.01% to 5,970.81, and the Nasdaq Composite gained 0.32% to 19,460.49. US futures declined in response to the weaker employment data.
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