Asia-Pacific Markets Respond Positively to Economic Indicators

Following the release of services PMI data from China and Japan, along with Australia's GDP figures, markets across the Asia-Pacific region experienced a notable uptick. The data has injected a wave of optimism among investors, leading to a mostly higher trading session in the afternoon.

China's Defense Spending and Economic Growth Targets

In a significant announcement, Beijing revealed plans to increase its defense spending by 7.2% in 2025. This move underscores China's commitment to strengthening its military capabilities. Concurrently, the nation has set an ambitious target of achieving "about 5%" GDP growth for the year, signaling confidence in its economic resilience and growth potential.

Market Movements Across the Region

Japan's Nikkei 225 saw a modest increase of 0.19%, while Hong Kong's Hang Seng surged by 2.23%. South Korea's Kospi wasn't far behind, adding 1.24%. In mainland China, the Shanghai Composite rose by 0.39%, whereas the Shenzhen Composite remained flat. However, Australia's S&P/ASX 200 bucked the trend, declining by 0.70%.

Currency Fluctuations

On the currency front, the dollar appreciated by 0.33% against the yen, trading at 149.5845. This movement reflects the dynamic interplay between regional economic indicators and global currency markets.