On May 9, Asian stocks fluctuated as Wall Street experienced a second consecutive day of muted activity. The Nikkei 225 index decreased by 0.3% to close at 38,073.98 in Tokyo, with Mitsubishi Motors Corporation experiencing a 4.9% drop in share value following the announcement of a projected 7% decrease in net profit during the financial year ending in March 2025. Toyota Motor, in contrast, reported a doubling of its net profit during the previous fiscal year, causing shares to dip by 0.4%. Reports in Tokyo proposed possible future intervention by the Finance Ministry to curtail the Japanese yen’s decline, with Vice Minister of International Affairs Masato Kanda declaring, “We’re always prepared to do so if necessary. We might do it today. We might do it tomorrow.”
In Hong Kong, the Hang Seng index added 1.1% to 18,508.53, and the Shanghai Composite index rose by 0.6% to 3,148.34. An improvement in trade statistics for April encouraged these increases, as China’s exports increased by 1.5% compared to the same time period last year, whereas imports surged by 8.4%. This represents a more significant increase in demand than previously anticipated. Reports indicate that South Korea’s Kospi index dropped by 1.1% to 2,714.50, whilst Australia’s S&P/ASX 200 declined by 1.1% to 7,721.60.
In the United States, the S&P 500 index remained virtually unchanged yesterday after oscillating between modest gains and losses throughout the day. It closed at 5,187.67, following a minor uptick on Tuesday and a substantial three-day winning streak preceding that. The Dow Jones Industrial Average increased by 0.4% to 39,056.39, whilst the Nasdaq composite index slid by 0.2% to 16,302.76. Shares in ride-hailing service Lyft advanced by 7.1%, despite the company reporting better-than-predicted earnings and revenue figures for the most recent quarter. However, Match Group plunged by 5.4% as its prognosticated income for the present quarter fell beneath analysts’ estimations. Intel sank by 2.2% due to the US Commerce Department rescinding licences for exports to a Chinese client, potentially resulting in a reduction in the company’s existing quarter’s revenue beyond the midpoint of the previously announced forecasted range. Arista Networks’ shares improved by 6.5% as the provider of networking equipment exceeded estimates for both profit and revenue.
The majority of companies have reported superior profits during the commencement of the year than predicted by analysts. Improved optimism regarding potential cuts to interest rates by the US Federal Reserve has propelled the US stock market to recuperate from its tumultuous April. The yield on US treasury bonds has mostly subsided since Federal Reserve Chair Jerome Powell declared that the central bank is nearer to reducing its principal interest rate than raising it, despite persistent high levels of inflation this year. A comparatively mild employment report published on Friday intimated that the American economy could achieve a satisfactory balance between robustness and preventing excessive inflation.
US crude oil rose by 39 cents to $79.38 per barrel in digital trading on the New York Mercantile Exchange, whilst Brent crude oil, the worldwide standard, climbed by 27 cents to $83.85 per barrel. The euro decreased to $1.0741 from $1.0747. AP Business Writer Stan Choe delivered contributions.
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