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International

Oil, AI Outlooks Buoy Asian Stock Markets

Asian stock markets rallied on Thursday as global crude prices continued to slip on media reports that Tehran and Washington may be nearing an agreement that could open the Strait of Hormuz as part of larger Persian Gulf peace negotiations.Hong Kong, Shanghai, and Tokyo finished in the green, as did most other regional exchanges. New record highs were set on equity indices in Seoul, Taiwan, and Tokyo.In Japan, the Nikkei 225 opened higher after a five-day hiatus and rose to the close, finishing up 5.6% as traders weighed Middle East outlooks and easing oil prices.The benchmark Nikkei 225 rose 3,320.72 to 62,833.84, as gaining issues outnumbered losers 173 to 49.Leading the upside was semiconductor components maker Ibiden, up 22.4%, while oil driller Inpex fell 6.5%.In Hong Kong, the Hang Seng Index opened higher and held ground, finishing up 1.6% on strength in property and tech issues.The broad gauge Hang Seng rose 412.50 to 26,626.28, as gaining issues outnumbered losers 79 to 11. The Hang Seng TECH Index gained 3.1% on the day, while the Mainland Properties Index rose 3%.Leading the upside was toolmaker Techtronic, gaining 10.3%, while PetroChina declined 8.5%.On the mainland, the Shanghai Composite rose 0.5% to 4,180.09.On the other regional exchanges, the South Korean KOSPI rose 1.4%; the Taiwan TWSE advanced 1.9%; the Australian ASX 200 gained 1%; the Singapore Straits Times Index rose 0.3%, but the Thai Set declined 0.6%. In late trading in Mumbai, the Sensex was down 0.1%The MSCI All Country Asia Pacific Index rose 2.1%, to strike a fresh all-time high.

Hang SengNikkei 225Shanghai Composite
Asia

Japanese Shares Rally as Tech Earnings, Middle East Optimism Lift Sentiment

Japanese shares closed higher on Thursday and Japanese government bonds gained as investors returned from holidays, tracking improved global risk sentiment driven by upbeat tech earnings and easing concerns over the Middle East conflict.The Nikkei 225 surged 5.6%, or 3,320.72 points, to close at 62,833.84.Japanese government bonds gained after a three-day market holiday, while the yen held near 156 per dollar following recent gains fueled by suspected intervention by Tokyo authorities.Investor sentiment also improved after Wall Street hit record highs on strong AI-driven earnings, including from Advanced Micro Devices, and as Iran reviewed a U.S. proposal to end the conflict in the Middle East.On the domestic front, Bank of Japan policymakers discussed further rate hikes if oil shocks from the Iran conflict persist and fuel broader inflation, minutes from the bank's March 18-19 meeting showed Thursday. Several board members warned prolonged energy-driven price pressures and rising inflation expectations could require tighter policy, while the BOJ maintained rates at 0.75%.On the corporate front, Tosoh (TYO:4042) jumped 12% after the company's plans to mass-produce high-speed plastic optical cables for AI data centers by 2029.Mitsubishi Heavy Industries (TYO:7011) fell over 1% as the company is revamping gas turbine production to increase output while limiting capital spending. Meanwhile, Konica Minolta (TYO:4902) gained 3% on plans to commercialize an AI-based microbe selection system for food production by March 2029.

Nikkei 225
International

BOJ Should Continue Rate Hikes in Line with Economic Activity and Prices, Meeting Minutes Show

Bank of Japan (BOJ) members agreed the central bank should continue raising interest rates in line with developments in economic activity and prices amid the ongoing Iran war, minutes of the March meeting showed on Thursday.The Middle East turmoil has caused a surge in oil prices, increasing inflationary pressures and weighing on the economy of countries dependent on fuel imports.The BOJ members said rate hike decisions should be made at each monetary policy meeting, taking into account the achievement of economic activity and price outlook, underlying inflation, and outlook risks.One member said the BOJ should adjust the monetary accommodation degree without long intervals under current financial conditions, where an uptrend in prices is likely to remain.Another member stressed the need to keep underlying inflation from exceeding 2% and said the bank must not hesitate to raise rates unless the economic outlook or wage-setting resolve among small and medium-sized firms deteriorates sharply.In March, the BoJ board voted 8-1 to keep the policy rate at around 0.75%, with one member dissenting in favor of a hike to 1%.

Nikkei 225
US Markets

BOJ Minutes Show Growing Support for Rate Hikes Amid Iran Oil Shock

Bank of Japan policymakers discussed the need for further interest rate increases if oil price shocks from the Iran conflict become prolonged and feed into broader inflation, minutes from the bank's March 18-19 meeting showed Thursday.The March meeting was the BOJ's first policy gathering after the U.S.-Israeli strikes on Iran in late February. The board kept its short-term policy rate unchanged at 0.75% but maintained a tightening bias as surging oil prices added to inflation pressure from the weak yen.Several members warned the central bank could not ignore the risk that higher energy costs may lift inflation expectations and encourage companies to continue passing on rising costs. One policymaker called for raising rates "without long intervals," while another said the BOJ should tighten policy "without hesitation" if the economy remained resilient despite the Middle East conflict.The minutes showed many members viewed the oil shock as temporary and said the BOJ should largely look through short-term supply-driven price increases. But policymakers also warned that a prolonged conflict could trigger second-round effects on underlying inflation, requiring a monetary policy response.The discussion reflected the BOJ's growing concern over upside inflation risks. Governor Kazuo Ueda said after the March meeting that policymakers were paying closer attention to inflation risks than downside risks to growth, while warning that rising crude prices and yen weakness could push prices higher than expected.The hawkish tone strengthened further at the BOJ's April 29-30 meeting, when three of nine board members proposed raising rates to 1.0%, the largest number of dissents since 2016. The central bank also sharply raised its inflation forecasts and warned firms were becoming more willing to pass on higher costs."While the BOJ kept rates on hold, the three dissenting votes highlight the tensions monetary officials face," Fred Neumann, chief Asia economist at HSBC in Hong Kong, was quoted by Reuters as saying after the April meeting."Given elevated inflation expectations in Japan, which have increased further due to the energy crisis, the BOJ will need to raise interest ​rates in due course to prevent price pressures from building further," Neumann added.

Nikkei 225
Asia

Market Chatter: Japan Seeks More UAE Oil Amid Hormuz Disruptions

Japan agreed to buy an additional 20 million barrels of crude oil from the United Arab Emirates as Tokyo seeks alternative supply routes amid disruptions around the Strait of Hormuz, Nikkei reported Wednesday.The agreement followed talks in Abu Dhabi between Economy Minister Ryosei Akazawa and UAE Industry Minister Sultan Al Jaber. Akazawa said he requested additional shipments to Japan, according to the report.The extra crude would cover about eight to nine days of Japan's oil demand based on 2025 consumption levels. Part of the supply is expected to ship through Fujairah on the Gulf of Oman, avoiding the Strait of Hormuz, the report said.Japan imports about 40% of its crude from the UAE and has been seeking alternative supply channels as Middle East tensions intensify. Tokyo also secured 1 million barrels of crude from Mexico last month, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Nikkei 225
Asia

Japanese Equities Open Higher on Hopes of US-Iran Truce

Japanese stocks rallied at Thursday's opening bell after a three-day holiday, fueled by speculation that the U.S. and Iran are nearing a framework deal to end the conflict that has rattled global markets and darkened economic outlook.The Nikkei 225 jumped by 728.2 points, or 1.2%, to open at 60,241.31.Washington has put forward a one-page memorandum of understanding designed to phase in the reopening of the strategically vital Strait of Hormuz and lift the American naval blockade on Iranian ports, Bloomberg News reported on Thursday.The report added that detailed talks on Iran's nuclear program would come later, with no formal agreement having been reached yet.The diplomatic move follows Trump's decision to suspend a brief US naval mission that had aimed to secure safe passage for commercial ships through the strait, a vital route for global oil and gas.Markets are now awaiting Tehran's official response, with energy and equity sectors closely monitoring for any signs of de-escalation.

Nikkei 225
International

Falling Oil Prices, Middle East Views Lift Asian Stock Markets

Asian stock markets tracked higher Wednesday as global crude prices eased, and on media reports that the Trump Administration and Tehran are in peace discussions. Overnight fresh all-time zeniths on Wall Street helped set tone.Hong Kong and Shanghai finished in the green, while Tokyo remained closed on holiday.Seoul's KOSPI index rose 6.5% to shatter the 7,000-milestone, on strength in tech and semiconductor issues, including a 14.4% rise in Samsung Electronics shares.In Hong Kong, the Hang Seng Index opened evenly and rose to the close, finishing up 1.2% as traders viewed Persian Gulf prospects, and noted a 7% decline in Brent crude prices during market hours. A property-sector rally lifted broader indices as well.The broad gauge Hang Seng rose 315.17 to 26,213.78, as gaining issues outnumbered losers 67 to 22. The Hang Seng TECH Index gained 0.8% on the day, while the Mainland Properties Index rose 4.6%.Leading the upside was Xinyi Glass, gaining 9.8%, while Li Auto declined 2.6%.On the mainland, the Shanghai Composite rose 1.2% to 4,160.17.On the other regional exchanges, the Taiwan TWSE inclined 0.9%; the Australian ASX 200 inclined 1.3%; the Singapore Straits Times Index rose 0.1%, and the Thai Set inclined 1.8%. In late trading in Mumbai, the Sensex was up 1.2%.The MSCI All Country Asia Pacific Index rose 2.6% on the day, also striking a record high.

Hang SengNikkei 225Shanghai Composite
Asia

Market Chatter: Japan Sees No Immediate Need for Extra Budget Amid Middle East Conflict

Japanese Prime Minister Sanae Takaichi has downplayed talks for an additional budget despite the continuing economic fallout from the Middle East conflict, Nikkei Asia reported Wednesday.A supplementary budget for the current fiscal year may not be "immediately necessary as of today," the report cited Takaichi as saying.The country could instead resort to reserve funds from the yearly budget if necessary, the report quoted Takaichi as saying.Additional spending is not entirely off the table, with aides to the prime minister having discussions on financial support for households late in April with senior ministry officials, the report said(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Nikkei 225
US Markets

Asian Industry Sustains Expansion in April: PMI Report

Despite headwinds from Persian Gulf turmoils, Asia's business sectors largely expanded in April, led by the automobile industry, reported S&P Global on Wednesday."Output growth was recorded across 16 of the 18 monitored Asian sectors in April. This figure was up from 15 in March, as metals & mining production returned to growth," said S&P Global, citing its surveys of regional economies.Showing strength in April was the automotive industry. "Leading the rankings for the first time in nearly two years was the automobiles & auto parts sector. The pace of output expansion in the sector quickened to the steepest since May 2024 and was rapid overall," explained S&P Global.Among the broader categories, consumer products did generally well in April."Consumer goods outperformed the other six tracked areas, with growth also supported by strong and accelerated expansions in output across the beverages & food and household & personal use products segments," added S&P Global.The tech and industrial sectors followed consumer goods on the upside, while the slowest expanding sectors were basic materials, financials and healthcare.In contrast to the general regional expansion, the forestry & paper products and construction materials sectors experienced softening in April, reported S&P Global.However, Asian business managers also reported rising and accelerating costs of operation in April."On the prices front, the latest data indicated that cost burdens rose in 17 of the 18 monitored sectors in April. Notably, the majority of these saw expenses increase at a stronger pace than in March," said S&P Global.Of the 18 monitored industries, only banks and real estate lowered output charges, said the credit-rating agency.The Asia Sector PMI indices were compiled by S&P Global from surveys received from 6,000 Asian private-sector companies.

ASX 200^BSE^HNX^HOSEHang Seng^JKSEKOSPINikkei 225^NSE^SETShanghai CompositeTaiwan Weighted
Asia

Market Chatter: China Overtakes Japan in Perovskite Solar Patent Race

China overtook Japan in total perovskite solar cell patent applications filed globally, based on the latest patent landscape analysis, Nikkei Asia reported Tuesday.About 2,000 applications were public, with China leading valid filings as of 2023, according to the report. This ended Japan's lead from 2015 to 2022.CATL (HKG:3750, SHE:300750) topped company rankings in 2025, followed by Panasonic (TYO:6752), Nikkei Asia wrote.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Nikkei 225Shanghai Composite^SZSEHKG:3750SHE:300750TYO:6752
International

Wall Street Signals, Oil Outlook Damp Asian Stock Markets

Asian stock markets tracked moderately lower Tuesday on overnight Wall Street cues and ongoing uncertainty regarding the still-closed Strait of Hormuz.Hong Kong lost ground, Shanghai inched higher, and Tokyo remained closed on holiday. Other regional exchanges were mixed and muted, with Seoul also shuttered.In Hong Kong, the Hang Seng Index opened lower and could not recover, finishing down 0.8% as traders weighed Middle East developments, and eschewed tech issues.The broad gauge Hang Seng fell 197.27 to 25,898.61, as losing issues outnumbered gainers 57 to 30. The Hang Seng TECH Index lost 0.9% on the day, while the Mainland Properties Index rose 0.6%.Leading the upside was conglomerate CK Hutchinson, gaining 4.1%, while bank HSBC declined 5.2%.On the mainland, the Shanghai Composite rose 0.1% to 4,112.16.On the other regional exchanges, the Taiwan TWSE inclined 0.2%; the Australian ASX 200 declined 0.2%; the Singapore Straits Times Index fell 0.1%, and the Thai Set declined 0.2%. In late trading in Mumbai, the Sensex was down 0.3%.The MSCI All Country Asia Pacific Index fell 0.3% on the day.In economic news, citing inflation, the Reserve Bank of Australia raised its key policy interest rate by 0.25% to 4.35%, marking its third rate hike of 2026.

Hang SengNikkei 225Shanghai Composite
Asia

Japan, Indonesia Sign Agreement on Defense Equipment Transfers

Japan and Indonesia have reached a deal involving more equipment transfers from Tokyo, according to a recent press release from Japan's Ministry of Defense.The new equipment transfer system will create a working group that will discuss matters such as defense equipment and technology cooperation, according to a press conference from Defense Minister Shinjiro Koizumi.The nations also came up with a defense dialog mechanism that improves cooperation and will have advanced conversations on how to protect military data, the release said.Indonesia has also expressed interest in sourcing used submarines from Japan.The new defense agreement expands on a previous defense understanding signed in 2015.

^JKSENikkei 225
International

AI-Tech Rallies Lift Asian Stock Markets in Holiday Thinned Trading

Led by large tech-rallies in Seoul and Taiwan, Asian stock markets gained ground on Monday in holiday-thinned trading.Hong Kong also finished in the green, while Bangkok, Shanghai and Tokyo remained shuttered.After recent AI-triggered rallies on Wall Street, Seoul's KOSPI Index rose 5.1% to strike a fresh all-time zenith, led by semiconductor giants Samsung Electronics, up 5.4%, and SJ Hynix, up 12.5%.Taiwan's TWSE Index rose 4.6% on the day, also hitting new record high, led by 6.6% rise in Taiwan Semiconductor Manufacturing shares.In Hong Kong, the Hang Seng Index opened higher and held ground, finishing up 1.2% as traders embraced tech and property shares.The broad gauge Hang Seng rose 319.25 to 26,095.88, as gaining issues outnumbered losers 71 to 19. The Hang Seng TECH Index gained 2.2% on the day, while the Mainland Properties Index rose 2.1%.Leading the upside was smart-phone and EV-maker Xiaomi, gaining 6.8%, while Macau gaming-house Galaxy Entertainment declined 2.8%.On the other regional exchanges, the Australian ASX 200 declined 0.4%; the Singapore Straits Times Index rose 0.2%, and Mumbai's Sensex was up 0.5%.In economic news, the seasonally adjusted South Korea manufacturing purchasing managers index (PMI) logged at 53.6 in April, up from 52.6 in March, and striking further above the 50-mark that separates growth from contraction, said S&P Global.

Hang SengNikkei 225Shanghai Composite
Asia

Middle East War Weighs on Asia-Pacific Corporates' Credit Profiles, Fitch Says

The Middle East will hit many Asia-Pacific corporate sectors through oil price hikes, shipping and supply chain disruptions, dampened demand, and delayed cyclical rebounds, Fitch Ratings said in a recent release.The war could have a lingering economic and business impact in the second half of 2026 even if it ends earlier, since it would take time for markets to normalize, the rating agency said.Corporates in the region also face other developments that are credit-impacting, such as geopolitical tensions, sanctions, and tariff uncertainties, according to Fitch.Meanwhile, growth varies within the region, with China exhibiting declining domestic demand, lingering price competition, and excess capacity that weigh on companies in the consumer, industrial, building materials, and automotive sectors, Fitch said.India and some Southeast Asian countries have solid domestic growth and infrastructure spending as well as robust household consumption, anchoring credit trends in local demand-tied sectors, according to the rating agency.Fitch still sees EBITDA margins to remain strong and rise above 15% on aggregate for its issuers in the region, supporting improved free cash flow generation.

ASX 200Hang SengNikkei 225Shanghai Composite^SZSE
International

Asia Week Ahead: PMI Reports; Central Bank Decisions; and Inflation Prints

For the week ahead in Asia, the economic calendar is packed with S&P Global's monthly purchasing managers' index reports, inflation prints, and central bank decisions across the region.Monday brings a slate of S&P Global manufacturing PMI reports for April, alongside Indonesia's inflation and trade figures.On Tuesday, markets will turn to the Reserve Bank of Australia's interest rate decision, while Thailand and the Philippines release April inflation data.Wednesday features South Korea's April inflation print and New Zealand's first-quarter labor-market report, along with PMI readings from India, China, Hong Kong and Singapore.On Thursday, Malaysia's central bank decision will be in focus, alongside Taiwan's April inflation data and the Philippines' first-quarter GDP report.On Friday, Taiwan's April trade data and Malaysia's March industrial production figures will be due, before China closes out the week with April trade figures on Saturday.Here's what to watch in the week ahead.MONDAY, May 4The week kicked off with a slate of S&P Global purchasing managers' index reports covering manufacturing activity during April.Most economies in the region saw a rise in output despite the ongoing conflict in the Middle East which has pushed oil prices upwards.Malaysia's manufacturing sector expanded at its fastest pace in four years in April, supported by stronger output and a return to growth in new orders.The S&P Global Malaysia Manufacturing Purchasing Managers' Index rose to 51.6 in April from 50.7 in March, marking a second straight month of expansion.Output grew at the fastest pace since December 2021, while new orders increased as firms and clients built safety stocks amid uncertainty linked to the Middle East war.Output activity also expanded in South Korea, India, and Taiwan, according to S&P Global.Meanwhile, Vietnam's manufacturing sector also expanded, albeit at a slower pace.The S&P Global Vietnam Manufacturing PMI slipped to 50.5 in April from 51.2 in March, a seven-month low, signalling a tenth straight month of expansion but only marginal growth.In contrast, Indonesia's manufacturing sector slipped into contraction in April as cost pressures intensified due to material shortages and delays linked to the Middle East conflict.The S&P Global Indonesia Manufacturing Purchasing Managers' Index fell to 49.1 in April from 50.1 in March, dropping below the 50 mark for the first time in nine months.Manufacturing activity similarly slipped in the Philippines as new orders fell sharply and cost pressures intensified.Indonesia released inflation figures, noting a 2.4% year on year rise in prices during April -- slower than the 3.5% recorded a month prior.The island state also booked a trade surplus of $5.55 billion in the first quarter, supported by a strong non-oil and gas balance despite higher import growth, according to official data released by Statistics Indonesia.The Melbourne Institute released its monthly inflation gauge, noting another increase in April, mainly driven by higher recreation-related prices. The monthly cost of living also increased in April, especially for employees and self-funded retirees.TUESDAY, May 5An interest rate decision in Australia will capture headlines on Tuesday.The Reserve Bank of Australia is likely to rate hikes by 25 basis points to 4.35% as persistent inflation pressures and rising fuel costs linked to Middle East supply disruptions keeps the central bank on a hawkish path even as global peers hold steady.Thailand and the Philippines will release inflation data for April.Economists at ING said they expect the Philippines' headline inflation to rise above 5% as the government passes on the impact of higher global oil prices onto consumers. The Philippines' inflation climbed to 4.1% in March.Thailand is similarly expected to see a rise in consumer prices during April. According to a consensus compiled by Trading Economics, headline inflation could clock in at 1.7% on an annual basis, compared with a 0.08% decline in March.First-quarter gross domestic growth data will be due in Indonesia. DBS said it was forecasting 5.6% growth for the quarter thanks to government spending and festive spending during the period, the Wall Street Journal reported.Hong Kong will similarly release its first-quarter advance GDP growth estimate on Tuesday.Meanwhile, March retail sales figures will be expected in Singapore.On the activity front, S&P Global will release PMI reports manufacturing activity in Thailand and services and composite activity in Australia.WEDNESDAY, May 6Another inflation print, this time in South Korea.Economists at ING said they expect consumer prices to rise at a faster pace in April despite attempts by Seoul to rein in the impact of rising oil costs on consumers. A consensus compiled by Trading Economics indicated headline inflation could clock in at 2.6%.In March, South Korea's annual inflation rose to 2.2%, breaching the central bank's 2% target.First-quarter labor data from New Zealand will also be in the news.CommBank expects headline labor-market figures to remain weak, forecasting just 0.1% quarterly employment growth and a rise in unemployment to 5.5%, compared with Trading Economics consensus estimates of 0.3% employment growth and a 5.4% jobless rate for the first quarter."We do not envisage a labor market recovery until 2027, reflective of adverse impacts from geopolitical ructions," CommBank said in a preview.The Philippines will similarly release labor data for March, as well as industrial production figures.ING said it expects unemployment to edge higher. "On the industry side, weak soft construction activity should continue to weigh on growth," ING said.Additional S&P Global PMI reports covering services and composite activity in India and China, as well as overall activity in Hong Kong and Singapore, will be due.A business confidence report will be due in Thailand, while Hong Kong's March retail sales figures will also be on display.THURSDAY, May 7Malaysia's central bank will meet for its interest rate decision, with no change expected in the 2.75% policy rate.RHB Bank said it expects Bank Negara Malaysia to hold rates as growth remains steady and inflation remains in check, the Wall Street Journal reported.Taiwan's April inflation print will be due, with analysts looking for signs on how the Iran war was weighing in on prices. ING said it expects to see inflationary pressure picking up after limited pass through of energy prices in March.Australia will release March trade figures. The country's trade surplus could fall to A$4.45 billion from the A$5.69 billion recorded in the month prior, according to a consensus compiled by Trading Economics.CommBank said it expects the goods trade balance to decline due to rising fuel imports in the wake of the Iran conflict.The Philippines' first-quarter GDP growth figures will be expected. ING said the Philippines' economy could recover to a growth of 4.3% year on year thanks to favorable base effects and some pick-up in government spending.The Philippines' economy grew by 3% last quarter.Another confidence report covering consumer sentiment will be due in Thailand.FRIDAY, May 8Markets will be on the lookout for Taiwan's trade data for April.ING said it expects the island state's trade surplus to rise to $21.6 billion from $21.3 billion in the month prior. "We're looking for another strong month, with 59.3% YoY export growth and 35.5% import growth," ING said in a preview.In Malaysia, March industrial production figures will be due.S&P Global will release PMI reports covering services and composite activity in Japan.SATURDAY, May 9China will release its April trade data on Saturday.The world's second largest economy could record a surplus of $82.4 billion for the month, rising from $51.13 billion in March, according to a consensus compiled by Trading Economics.Analysts at DBS expect a sharp uptick in surplus, with export growth more than doubling to 8.4% from the 2.5% rise seen in March, the WSJ reported.

ASX 200^BSE^HNX^HOSEHang Seng^JKSEFTSE Bursa Malaysia KLCIKOSPINikkei 225^NSE^NZ50^PSEI^SETShanghai Composite^STI^SZSETaiwan Weighted
US Markets

ADB Pledges $70 Billion For Energy, Digital Networks Across APAC as Middle East Conflict Batters Outlook

The Asian Development Bank is committing $70 billion to support new energy and digital infrastructure initiatives across the Asia-Pacific region by 2035.ADB President Masato Kanda announced the pledge on Sunday during the lender's annual meeting in Uzbekistan."Energy and digital access will define the region's future," said Kanda. "These two initiatives build the systems Asia and the Pacific need to grow, compete, and connect. By linking power grids and digital networks across borders, we can lower costs, expand opportunity, and bring reliable power and digital access to hundreds of millions of people."The pledge comes as the ADB sharply downgraded its forecast for the APAC region, citing energy disruptions from the ongoing Middle East conflict.On Wednesday, the ADB slashed its GDP growth outlook for developing Asia and the Pacific to 4.7% in 2026 from the previous 5.1% forecast.Inflation for 2026 is projected to accelerate to 5.2% in 2026 from 3% in 2025, before easing to 4.1% in 2027."Our revised outlook is a significant downward revision for growth and a sharp increase in inflation following a special update to reflect the deepening crisis," Kanda said at the time.The bank's new outlook assumes that oil prices average around $96 a barrel in 2026, well above the $69 per barrel average in January and February before the Middle East conflict. The bank expects oil prices to ease to around $80 per barrel in 2027."We are confronting systemic, long-lasting disruptions to global energy and trade networks, not just temporary volatility. ADB will remain an agile partner in protecting the region's economy; tracking fast-moving risks, and moving with urgency to scale up our support," Kanda added.Diesel prices across several Southeast Asian countries have increased by more than 100% since late February, the ADB said in its updated outlook report.The ADB also noted in its Wednesday report that the energy shock is also affecting fertilizer prices, which it said could add to food inflation, particularly for economies most dependent on Middle East imports.Against that backdrop, the ADB is committing $70 billion to build new energy and digital infrastructure in Asia and the Pacific by 2035.The largest investment, worth $50 billion, will be allocated towards cross-border power infrastructure to unlock renewable energy at scale, the ADB said.The project will focus on transmission and grid integration, including cross-border lines, substations, storage, and grid digitalization, according to the lender.By 2035, the bank aims to integrate about 20 gigawatts of renewable energy across borders, connect 22,000 circuit-kilometers of transmission lines, and cut regional power sector emissions by 15%, while improving energy access for around 200 million people.The remaining $20 billion will fund the Asia-Pacific Digital Highway, targeting digital corridors, data infrastructure, and AI-ready economies.The project aims to bring first-time broadband access to 200 million people and cut connectivity costs in remote and landlocked areas by about 40%.The South Korean government will back a new Center for AI Innovation and Development in Seoul with a $20 million contribution. The center will aim to train about 3 million people in digital and AI-related skills by 2035.Separately on Sunday, the ADB also unveiled a Critical Minerals-to-Manufacturing Financing Partnership Facility designed to help the region move beyond mining into higher-value industries such as processing, manufacturing, and recycling.Japan committed $20 million to the grant window, the UK contributed $1.6 million, and the Korea Eximbank and the Korean Trade Insurance Corporation each signed $500 million memorandums as the facility's first partners.

ASX 200^BSE^HNX^HOSEHang Seng^JKSEFTSE Bursa Malaysia KLCIKOSPINikkei 225^NSE^NZ50^PSEI^SETShanghai Composite^STI^SZSETaiwan Weighted
International

Earnings, Wall Street Cues Lift Asian Stock Markets in Thin Holiday Trading

Asian stock markets gained on Friday in holiday-thinned trading, as traders weighed earnings reports against the backdrop of the Strait of Hormuz closure.Tokyo finished in the green, while Hong Kong and Shanghai were closed on holiday.Other exchanges in Bangkok, Mumbai, Seoul, Singapore, and Taiwan were also shuttered for May Day.In Japan, the Nikkei 225 opened evenly and edged higher, finishing up 0.4% as traders weighed overnight record-high closes on Wall Street and a generally good earnings season.The benchmark Nikkei 225 rose 228.20 to 59,513.12, although losing issues outnumbered gainers 121 to 102.Leading the upside was plumbing fixtures maker Toto, up 18.4%, while electronics component company Alps Alpine declined 15%, with both moves following earnings reports.In economic news, Tokyo's consumer price index-core (CPI-core), which strips out fresh food bills, rose 1.5% on year in April, the slowest pace in four years and below the central bank's 2% target for a third straight month.On other regional exchanges, the Australian ASX 200 inclined 0.7%.

Hang SengNikkei 225Shanghai Composite
US Markets

Japan Factory Sector Strengthens in April: PMI Report

Japan's manufacturing sector expanded in April despite global oil woes, although some production was to build cautionary buffers and stockpiles, reported S&P Global on Friday.The nation's manufacturing purchasing managers index (PMI) rose to 55.1 in April, up from 51.6 in March, and striking further above the 50-mark that separates growth from contraction, reported S&P Global, citing its monthly survey.Some manufacturing sector managers noted "that concerns over future supply chain delays and price increases due to the war in the Middle East had led customers to place new orders," while factories also built up precautionary stockpiles in April, explained S&P Global.However, Japan's industry in April also participated in the global AI-boom. "There were also reports that higher sales had been supported by greater demand for AI-related technology," said S&P Global.Japan's manufacturers reported both rising costs and boosting prices for customers in April.Factory managers "frequently mentioned higher prices for raw materials, oil and transport in the latest survey period," said S&P Global. "To help ease pressure on margins, companies raised their selling prices."Japan's manufacturers also added to payrolls in April, at the fastest pace since early 2022.Despite strong demand, Japan's manufacturers were wary in April, citing geopolitics.Due to "uncertainty around the war in the Middle East and its impact on global economic conditions" survey respondent optimism regarding the one-year outlook slipped to its second-lowest level since June 2020, said S&P Global.The Japan manufacturing PMI was compiled by S&P Global from surveys received from 400 manufacturers from April 9 through April 23.

Nikkei 225
Asia

Japan Stocks Gain on Intervention Signals, Yen Rebounds

Japanese shares closed higher on Friday, with sentiment supported after Tokyo signaled readiness to step into currency markets to curb volatility driven by speculative moves in crude-linked trades.The Nikkei 225 rose 0.38%, or 228.20 points, to close at 59,513.12.Atsushi Mimura, Japan's vice finance minister for international affairs, said authorities stand ready to respond to market distortions linked to speculative trading in crude oil futures.Japan moved into the currency market on Thursday to support the yen, according to people familiar with the matter, with U.S. officials alerted in advance in line with Group of Seven practices. The yen traded around 157.19 per dollar in Tokyo on Friday morning, after strengthening to 155.57 the previous day from an intraday low near 160.72.In other economic news, Tokyo core inflation slowed to 1.5% in April, marking a fifth straight deceleration and staying below the Bank of Japan's 2% target, while a key underlying gauge eased to 1.9%.Japan's consumer confidence index fell 1.1 points to 32.2 in April, with weaker sentiment on spending and livelihoods, even as 93.6% of households expected prices to rise over the next year.On the corporate front, Marubeni (TYO:8002) fell 4% after reporting an 8.1% rise in annual profit to 543.85 billion yen and forecasting 580 billion yen for the current year.Makino Milling Machine (TYO:6135) rose 5% after MM Holdings dropped its takeover bid following a government recommendation citing national security concerns.Air Water (TYO:4088) slid 14% after the Tokyo Stock Exchange designated its shares as a security on alert and imposed a listing rule violation penalty.

Nikkei 225TYO:4088TYO:6135TYO:8002
International

Japan Factory Activity Surges to Four-Year High

Japan's manufacturing activity expanded at the fastest pace in over four years in April, as output and new orders surged, according to S&P Global data.The headline manufacturing purchasing managers' index rose to 55.1 in April from 51.6 in March, marking the strongest reading since January 2022 and signaling solid growth in business conditions.Factory output increased at the quickest rate since February 2014, supported by stronger demand and inventory-building amid uncertainty linked to the Middle East conflict. New orders grew at the fastest pace since January 2022, with firms citing higher client demand and increased interest in AI-related products.Supply chain conditions deteriorated sharply, with supplier delivery times lengthening at the steepest rate in 15 years, while input cost inflation accelerated to a three-and-a-half-year high, driven by higher raw material, oil and transport costs.Manufacturers raised selling prices at a faster pace to offset rising costs, while employment growth picked up to one of the strongest levels since early 2022.Despite the strong data, business confidence weakened, with firms citing uncertainty over global demand and supply disruptions.

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