Asian markets trade higher after overnight gains

Asian stock markets on Tuesday was trading higher following overnight gains stateside. Taiwan’s Taiex led gains among the region’s major markets, jumped 1.60%, the Nikkei 225 rose 0.6% while the Topix index also advanced 0.25%.

South Korea’s Kospi climbed 0.71% the Straits Times index in Singapore gained 0.56% and the S&P/ASX 200 in Australia was 0.59% higher. Mainland Chinese stocks were also higher, with the Shanghai Composite rising 1.30% while the Shenzhen Component advanced 1.34%.

According to the data released from the Ministry of Trade and Industry, Singapore’s economy expanded by 1.3% yoy in the first quarter. The ministry also announced it would maintain Singapore’s GDP growth forecast for 2021 at “4.0 to 6.0%.”

Meanwhile, Wall Street finished higher mainly led by a sharp rebound in technology stocks. The Dow Jones Industrial Average jumped 186.14 points to 34,993.98 while the S&P 500 rose 0.99% to 4,197.05. The Nasdaq Composite surged 1.41% to 13,661.17.

Further, the media reports said that most Federal Reserve’s officials, in their speeches, have maintained that inflation will be transitory, and it will be too early to contemplate the withdrawal of monetary support. This has helped to allay the rising concerns among investors about higher inflation and Fed’s soft stance. Personal Consumption Expenditures data for April, which would be published on Friday, will be the key thing to watch out for in the USA market this week.

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( With inputs from indiainfoline)