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Highlights
- Australian shares reached a fresh peak ahead of the Reserve Bank of Australia policy meeting
- Asian market sentiment cautious as the United States and China tariff agreement approaches expiry
- SK Hynix shares advanced on upbeat industry outlook for AI-related memory products
asx 200 record high was marked as local shares advanced, with the S&P/ASX 200 moving to unprecedented levels. Gains were seen across sectors as market participants awaited the upcoming decision from the Reserve Bank of Australia. The prevailing expectation is that the central bank will adjust the cash rate, with sentiment influenced by recent softness in inflation data and labour market conditions.
Asia-Pacific markets remain cautious
Most Asian indices displayed limited movement as the deadline for the United States and China tariff agreement drew closer. The temporary trade arrangement, which has helped maintain stable duty rates, is due to expire soon. Uncertainty around the outcome has prompted restrained positioning in regional markets.
China mainland indices
The Shanghai Composite (SHA:000001) and CSI 300 (SSE:CSI300) recorded mild gains during the session. The performance was supported by reports showing an increase in export activity, as companies sought to finalise shipments before any trade duty changes.
Hong Kong and regional peers
The Hang Seng Index (HKEX:HSI) in Hong Kong eased slightly, while the Straits Times Index (SGX:STI) in Singapore moved marginally lower. The KOSPI (KRX:KS11) in South Korea hovered near previous closing levels.
Corporate developments in focus
Shares of SK Hynix Inc (KRX:000660) rose as market updates highlighted robust demand expectations for memory chips used in artificial intelligence applications. The company anticipates sustained growth in the technology segment over the coming years.
Other Southeast Asian indices
The PSEi Composite (PSE:PSI) in the Philippines saw a decline, while Indonesia’s Jakarta Composite Index (IDX:JKSE) advanced during the session. Futures tied to India’s Nifty 50 (NSE:NSEI) traded slightly higher in early dealings.
Market backdrop from Wall Street
U.S. markets ended the previous week on a higher note, supported by expectations of monetary easing from the Federal Reserve. Futures contracts for major U.S. indices showed slight gains during Asian trading hours.
Frequently Asked Questions
- What is the S&P/ASX 200?
It is a benchmark index tracking the performance of the largest listed companies on the Australian Securities Exchange. - Why are Asian markets cautious?
Regional markets are awaiting developments on the United States and China tariff agreement. - Which company saw notable gains in Asia?
SK Hynix Inc saw its shares advance on expectations of strong demand for AI-related memory products.
