As investors awaited meetings between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskyy, the majority of Asia-Pacific markets saw an upward trend on Monday. Friday saw the conclusion of the recent U.S.-Russia meeting meant to address the continuous standoff between Kyiv and Moscow without negotiating a truce.
Driven by excellent results in the consumer cyclicals, healthcare, and industrial sectors, the Nikkei 225 index in Japan jumped 0.77% to close at a record high of 43,714.31. According to LSEG statistics, the best-performing companies included a 10.2% jump for one, a 7.79% gain for another, and CyberAgent Inc., which recorded a 7.67% boost.
Furthermore, Japan’s overall Topix index rose 0.43% to 3,120.96. The Kospi index in South Korea reversed its prior two-day gains, finishing 1.5% lower at 3,177.28, while the small-cap Kosdaq declined 2.11% to 798.05. Taiwan’s Taiex index climbed by 0.61% as well, concluding at 24,482.52, hence exceeding its past record close from July 2024. As of 1:40 p.m. Indian Standard Time (4:10 a.m. ET), the benchmark Nifty 50 in India increased 1.21% and the BSE Sensex index grew 1.06%.
Also read: U.S.-China Tariff Extension Soars Nikkei 225 Index to New Record
These market swings result from the government’s decision to lower the products and services tax on small petrol and diesel automobiles from 28% to 18%, Reuters reported, quoting sources knowledgeable with the state. After briefly reaching an intra-day peak, Australia’s S&P/ASX 200 index erased prior gains and finally closed 0.23% higher at 8,959.39. Non-oil domestic exports in Singapore dropped by 4.6% in July from the same month the year before, which was worse than the 1.8% decrease economists polled by Reuters expected. A slight decline in the US equity futures was observed, even though there had been optimism about the reduction of interest rates by the US Federal Reserve.
