Positive Economic Indicators Boost Asian Markets

Following the release of encouraging services PMI data from China and Japan, along with Australia's GDP growth, markets across the Asia-Pacific region saw an upward trend in the afternoon session on Wednesday. This positive momentum was further bolstered by China's announcement to increase its defense spending by 7.2% in 2025 and its GDP growth target of about 5% for the year.

Market Movements Across the Region

Japan's Nikkei 225 saw a modest increase of 0.19%, while Hong Kong's Hang Seng enjoyed a significant jump of 2.23%. South Korea's Kospi also added 1.24% to its value. In mainland China, the Shanghai Composite rose by 0.39%, whereas the Shenzhen Composite remained stable. However, Australia's S&P/ASX 200 experienced a slight decline of 0.70%.

Currency Fluctuations

On the currency front, the dollar strengthened against the yen, trading 0.33% higher at 7:30 am CET, with a selling price of 149.5845.