Nikkei Surpasses 40,000 Mark Following Record Highs on Wall Street; Attention on China’s ‘Two Sessions’

Japan’s Nikkei 225 soared beyond the 40,000 threshold on Monday, marking a fresh record high after the S&P500 and the Nasdaq Composite achieved unprecedented peaks on Friday. The index concluded the session with a 0.5% uptick, reaching 40,109.23, while the broader Topix experienced a marginal decline of 0.12%, stepping back from its recent all-time pinnacle attained on Friday.

The CSI 300 clinched a 0.1% gain, closing at 3,540.87, with investors closely monitoring China’s “Two Sessions” assemblies. Conversely, Hong Kong’s Hang Seng index dipped by 0.23%. The term “Two Sessions” denotes the simultaneous annual gatherings of China’s legislative body, the National People’s Congress, and the top political advisory entity, the Chinese People’s Political Consultative Conference.

Shanghai Stock Exchange in Pudong's Lujiazui Financial District in Shanghai, China
China’s CSI 300 edges up, eyes on “Two Sessions” as Premier Li unveils economic plans. (Credits: Mint)

During these gatherings, China Premier Li Qiang is anticipated to present the government’s work report, delineating economic and policy objectives for the world’s second-largest economy, including its gross domestic product growth target. India’s Nifty 50 ascended by 0.1%, driven by energy sector stocks, achieving a fresh record for the third consecutive day.

South Korea’s Kospi surged by 1.21%, concluding at 2,674.27, while the small-cap Kosdaq advanced by 1.16% to settle at 872.97. South Korean markets resumed trading following a prolonged weekend hiatus.

Australia’s S&P/ASX 200 concluded 0.13% lower at 7,735.80, following its attainment of an all-time closing peak of 7,745.6 on Friday.

Charts of the benchmark KOSPI and the junior Kosdaq bourses.
South Korea’s Kospi jumps 1.21%, Kosdaq up 1.16% after a weekend break; Australian S&P/ASX dips slightly. (Credits: Korean Times)

In the commodities realm, oil prices registered a slight uptick, as West Texas Intermediate crude prices briefly breached the $80 mark for the first time in four months. This surge came after oil giants Saudi Arabia and Russia, alongside other pivotal OPEC+ producers, announced their decision to prolong voluntary crude supply reductions until the conclusion of the second quarter.

On Friday in the U.S., the tech-heavy Nasdaq surged by 1.14% to reach 16,274.94, hitting a fresh peak of 16,302.24 during the trading session. Just a day earlier, the index concluded with its inaugural record since November 2021. The S&P 500 climbed by 0.80%, closing at 5,137.08, marking its maiden close above the 5,100 mark, while the Dow Jones Industrial Average advanced by 0.23%.

Sajda Parveen
Sajda Parveen
Sajda Praveen is a market expert. She has over 6 years of experience in the field and she shares her expertise with readers. You can reach out to her at [email protected]
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