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Market Commentary - Foreign Markets

Asian shares rebound, China Shanghai index rallies 1.58%

08-Apr-2025, 04:15
Asian stocks advanced on Tuesday, with Japanese markets leading regional gains after U.S. Treasury Secretary Scott Bessent said Japan is likely to be prioritized in trade talks with the Trump administration.

Some calm returned to markets even as trade tensions escalated, with Beijing saying that the U.S. threat to escalate tariffs against China is a 'mistake on top of a mistake' and amounts to blackmail.

Treasuries yields and the dollar were steady in Asian trade while gold fell toward $3,000 per ounce. Oil edged up slightly after hitting a near four-year low in the previous session.

China's Shanghai Composite index rallied 1.58 percent to 3,145.55 as the government unleashed a series of measures to stabilize stocks.

The People's Bank of China set the so-called fixing at 7.2038 per dollar, the weakest since September 2023, to raise the appeal of exports.

Hong Kong's Hang Seng index jumped 1.51 percent to 20,127.68 as several Chinese state holding companies vowed to increase share investment and a slew of listed companies announced share buybacks.