Asian stock markets experienced a wave of relief from the bond crisis on Thursday, October 5, 2023. This was mainly reflected in the performance of the index, which rose 1.80%, outperforming Hong Kong and Australia.
The decline in US Treasury yields, driven by a range of US economic indicators, led to greater demand for riskier assets. These indicators also affected the performance of US stock markets and US Treasury yields, despite an early rise on Thursday.
However, the ASX 200 failed to sustain a sustained rally despite positive Australian trading data. The index was affected by Rio Tinto’s (NYSE:) 1.51% decline. Westpac Banking (NYSE:) Corp’s rally 1.30%.
On Friday, Australian retail sales and Japanese household spending figures drew attention, along with rising unemployment claims. Despite these economic indicators, SoftBank (TYO:) Group Corp on the Tokyo Stock Exchange (TYO:9984) rose modestly by 0.13%.
In the meantime, Alibaba.com (NYSE:) Group Holding Ltd on the New York Stock Exchange (NYSE:BABA) fell 0.49%. The sector also recorded a slight decline of 0.03%.
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