Fed warning fails to stymie APAC markets’ rally

2 min read | May 07, 2021 03:18 AM EDT | By Furquan Moharkan

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Fed warning fails to stymie APAC markets’ rally — Image source: Representative Image. © Thomaspajot | Megapixl.com

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Summary

Unruffled by Fed warning, APAC markets continued their rally on Friday.

The rally was led by Taiwanese and Indian stocks.

The only laggards in the region include New Zealand and Indonesia

The equity markets in the Asia Pacific (APAC) rallied on Friday, despite the warning about ‘significant declines’ in the asset prices.

All the indices in the region, except for Indonesia and New Zealand, were trading in green. The Taiwan weighted index led the rally, gaining 114 basis points.

Taiwan was followed by India – where COVID-19 has taken a very deadly turn. Both Indian benchmark indices – 30-share BSE Sensex and 50-share NSE Nifty – were up 85 bps and 90 bps, respectively.

The Hang Seng Index of Hong Kong climbed 71 bps, while Shanghai Composite in Mainland China soared 42 bps. Chinese shares surged after the country reported a 32.3% rise in the exports for April.

South Korea’s KOSPI was up 63 bps, while Japanese Nikkei225 was trading higher by paltry 9 bps.

Australia’s ASX200 was trading up 32 bps, however in the neighbouring country, Dow Jones New Zealand was down 79 bps – the worst performer in the region. The other laggard in the region was the Indonesian Jakarta Stock Exchange Composite Index – down 41 bps.

Investors are keenly watching out for the US non-farm payroll data for April due on Friday – which, markets believe, would see a net addition of jobs created.

Meanwhile, the Morgan Stanley Capital International’s APAC index was also trading in green – up 78 bps.

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