Chinese Markets Decline Amid Interest Rate Hold and Potential Trade Tensions with the U.S.
Chinese markets saw a decline at the close of trading on Monday,
influenced by the central bank’s decision to maintain interest rates on medium-term loans,
alongside rising concerns about a potential trade war with the United States.
Additionally, stocks in Hong Kong fell to their lowest levels in two months.
The CSI 300 index closed 0.46% lower at 3,848 points, its lowest level since last October.
Meanwhile, the Shanghai Composite Index saw a slight drop of 0.11%,
closing at 3,263 points after hitting a three-week low.
Conversely, the Shenzhen Composite Index rose by 0.4% to 1,974 points,
while Hong Kong’s Hang Seng Index lost 0.41% to close at 19,150 points, erasing gains made since September.
Technology
The technology sector led the declines, with the chipmakers’ index dropping by 1.3%.
Similarly, the STAR 50 index, which focuses on technology companies, fell by 1.2%.
On the other hand, the index of renewable energy vehicle manufacturers rose by 1.6%,
supported by reports suggesting that Brussels and Beijing are nearing an agreement on tariffs for Chinese electric vehicles.
The People’s Bank of China kept the interest rate on medium-term loans at 2%,
while last week it maintained the one-year and five-year lending rates at 3.1% and 3.6%, respectively.
In the currency market, the U.S. dollar held steady at 7.2458 yuan.
Chinese Markets Decline Amid Interest Rate Hold and Potential Trade Tensions with the U.S.
Asian Stocks Performance Varies Amid Dollar Reaching Highest Level in a Year:
Asian markets witnessed a mixed performance in stock prices, with Japanese and Chinese stocks rising,
while stocks in the rest of the region declined.
Meanwhile, the dollar continued to climb, nearing its highest level in a year.
Chinese stocks rose after reports indicated that authorities plan to
cut taxes on home purchases to help revive the struggling real estate sector.
Meanwhile, U.S. stock futures remained stable after the S&P 500 posted gains for the fifth consecutive day.
Additionally, Bitcoin saw a record-breaking surge, exceeding the $89,000 mark.
Market Response to Stimulus Package
Investors are still assessing the impact of Beijing’s stimulus package, which was announced last Friday.
The package eased some of the local government’s debt burden.
However, it fell short of the broader financial support many investors hoped for.
Data released from China on Monday showed that credit expansion slowed more than economists had expected last month.
USA
U.S. Policy in the Spotlight
Rajeev De Mela, Chief Investment Officer at Gama Asset Management,
emphasized the importance of upcoming changes in U.S. policies,
noting that resolving trade issues with China is equally critical.
Bonds and Dollar Performance
U.S. Treasury yields in Asian markets fell after being closed on Monday due to a U.S. holiday.
The Bloomberg Dollar Index rose for the third consecutive day,
while oil prices remained largely unchanged following their biggest drop in two weeks.
Japan
Japanese Support for the Technology Sector
In Japan, Prime Minister Shigeru Ishiba announced a plan to support
the semiconductor and artificial intelligence sectors with more than $65 billion over the next decade.
This initiative aims to boost both domestic and international investments.
Shares of Renesas Electronics Corporation rose after the Japanese market opened following the announcement.
Expectations for a U.S. Market Rebound
A report from JPMorgan suggested that U.S. stocks could see a larger recovery
by the end of the year, following Trump’s victory in the presidential elections,
compared to the recovery after his first win eight years ago.
Strategist Ed Yardeni raised his forecast for the S&P 500,
predicting that it could reach 10,000 points by the end of the decade,
reflecting growing optimism on Wall Street following the U.S. elections.
Asian Stocks Performance Varies Amid Dollar Reaching Highest Level in a Year
Gold Prices Near Record High Amid Data Supporting Rate Cuts: Gold prices remained near a record high,
as upcoming U.S. data is expected to provide clues on
whether the Federal Reserve’s 50 basis point rate cut last week will be the first in a series of significant reductions.
Gold Prices Near Record High Ahead of Data That Could Bolster Major Rate Cuts
Gold prices hovered near a record high as markets anticipated upcoming U.S. data.
to provide clues on whether the 50 basis point rate cut by the Federal Reserve
last week will be the first in a series of significant reductions.
On Friday, bullion traded near $2,620 per ounce after hitting a record high of $2,625.77 per ounce.
A batch of economic data, including the U.S. personal consumption expenditure gauge and jobless claims,
is set to be released later this week.
Federal Reserve Board member Christopher Waller said on Friday that he will likely support
quarter-point cuts at the central bank’s upcoming policy meetings
in November and December if the economy evolves as expected.
However, he noted that another half-point cut could occur if the labor market weakens.
Asian Stocks Rise Amid Anticipation of Stimulus to Support Chinese Economy
Asian stocks rose amid expectations that China may introduce more stimulus
to revive the world’s second-largest economy after the U.S. started a monetary easing cycle,
while gold prices are approaching a record high.
The MSCI Asia Pacific Index advanced, with stocks rising in China, Hong Kong, and South Korea.
U.S. stock futures also climbed. On Tuesday,
China announced a rare economic briefing by three top financial regulators as it cut one of its short-term interest rates,
fueling speculation that a new stimulus plan could be announced.
Oil Prices Rise After Weekly Gains Amid Escalating Middle East Conflict
Oil prices rose after a second consecutive week of gains
as the market focused on the escalating conflict between Israel and Hezbollah.
Brent crude neared $75 per barrel after gaining 4%,
marking its most significant weekly rise since April,
while West Texas Intermediate (WTI) was traded above $71 per barrel.
Hezbollah launched around 115 rockets, shells, and drones toward northern Israel on Sunday,
prompting counterattacks against the Iran-backed group in Lebanon.
The escalation—and concerns it could draw in Iran (a member of OPEC)—brought back the risk premium in oil,
helping Brent surge more than 8% from its lowest level since 2021, which it reached earlier this month.
However, hopes that the Federal Reserve’s rate cut last week would boost consumption remained
subdued due to concerns over the deteriorating outlook for fuel demand,
which has made hedge funds the most bearish on diesel ever.
Gold Prices Near Record High Amid Data Supporting Rate Cuts
Asian Stocks Slide on U.S. Slowdown Concerns: Asian stocks fell to their lowest levels in three weeks on Monday,
led by declines in Japan after U.S. jobs data intensified fears
that the Federal Reserve may have delayed cutting interest rates for too long.
Asian Stocks Drop as U.S. Economic Slowdown Concerns Worsen
Asian stocks fell to their lowest levels in three weeks on Monday, led by declines in Japan,
after U.S. jobs data intensified fears that the Federal Reserve may have delayed cutting interest rates for too long.
Japan’s Nikkei 225 index dropped to its lowest level in a month as recent gains
in the yen impacted the profit outlook for export companies amid slower-than-expected economic growth.
Australia and South Korea stocks also recorded losses, pushing the Asia-Pacific stock index to its lowest since August 16.
The yen, which had previously risen due to the Bank of Japan’s interest rate
hike in July and expectations of a Federal Reserve rate cut traded below 143 yen per dollar.
Markets Await U.S. Inflation Data
Traders are awaiting U.S. inflation data this week amid growing concerns that the Federal Reserve
may have delayed rate cuts too long as recession risks rise.
Treasury Secretary Janet Yellen sought to calm fears over the weekend,
saying she saw no “warning signs” in the financial system.
She reiterated her view that the U.S. economy had achieved a soft landing despite slowing job growth.
In contrast, Federal Reserve Governor Christopher Waller said he was “open” to the possibility of a larger rate cut.
European Central Bank Prepares for Another Rate Cut Ahead of Fed Decision
The European Central Bank will likely cut interest rates on Thursday
in preparation for a U.S. move the following week as the global monetary cycle shifts toward more synchronized easing.
Eurozone officials have indicated they will deliver a second reduction in borrowing costs following the cut in July,
which will be closely watched by investors seeking policy signals for further actions later this year. At least one more cut is expected in 2024.
After the Bank of Canada cut its interest rate on September 4,
the timing of the European Central Bank meeting,
days before the expected initial reduction by the Federal Reserve on September 18,
underscores how major advanced economies are now pivoting more toward supporting economic growth as inflation risks fade.
Profit-Taking Puts Pressure on Gold: Goldprices declined during Tuesday’s trading as profit-taking increased
after the metalreached its highest level in over a week.
Profit-Taking Puts Pressure on Gold and Key Data That Could Push Prices to This Level
Goldprices fell during Tuesday’s trading as profit-taking increased after the metalreached its highest level in over a week.
Meanwhile, market participants await key U.S. inflation data
that may provide further insights into the Federal Reserve’s next monetary policy decision.
Gold at Monday’s Close:
Goldfutures prices extended their gains on Monday, with increased demand
For safe-haven assets amid renewed geopolitical tensions and expectations
that the Federal Reserve may end its tightening cycle in September.
At the close, December gold futures rose by 1.25% or $30.6 to $2,504 per ounce,
marking a new record high for the most actively traded goldcontract for the second time this month.
Asian Stocks Recover Losses After Last Week’s Setback
Asian stocks rose, fully recovering their losses from last week,
supported by the advancement of Japanese stocks.
Japanese stocks surged after the holiday,
boosted by a weaker yen.
The MSCI Asia-Pacific index climbed by as much as 1%,
erasing the losses incurred last week when risk aversion led to global stock indices collapsing.
The U.S. stock volatility index “VIX” (which reflects investor anxiety and fear) spiked above 65 points at one point,
compared to its historical average of about 19.5 points.
Expected 0.2% Increase in U.S. Overall and Core Inflation for July Compared to June
Inflation in the United States may have risen slightly in July,
but not to the extent that would prevent the Federal Reserve from cutting interest rates,
a move widely expected next month.
The Consumer Price Index is expected to increase by 0.2% from June for both the overall and core inflation,
which excludes food and energy.
While both are expected to accelerate compared to June,
they are expected to rise at the slowest annual pace since early 2021.
Oil Prices Stabilize After Weekly Gains Amid Anticipation of Iran’s Response: Oil prices stabilized after achieving their first weekly gains since early July,
as the market awaits Iran’s response to the assassination of a Hamas leader in Tehran last month.
Asian Stocks Rise at the Start of a Data-Heavy Week
The regional stock index rose on Monday, following a 1.5% gain on Friday,
as indices in Australia, Taiwan, and South Korea climbed.
Stocks in Hong Kong fluctuated, while those on the mainland remained relatively unchanged.
The Japanese markets were closed today due to a holiday.
Oil Prices Stabilize After Weekly Gains Amid Anticipation of Iran’s Response
Oil prices stabilized after achieving their first weekly gains since early July,
as the market awaits Iran’s response to the assassination of a Hamas leader in Tehran last month.
Brent crude is trading below $80 per barrel after rising by about 4% last week,
while West Texas Intermediate crude neared $77.
Over the weekend, Tehran confirmed its intention to punish Israel for the killing of Hamas’ political leader,
with state media reporting that an Iranian army missile unit is conducting exercises near the Iraqi border.
The European Central Bank to Cut Interest Rates Six Times by the End of 2025
Economists expect the European Central Bank to cut the deposit rate
once every three months until the end of next year,
signaling an earlier end to the easing cycle than previously anticipated.
A Bloomberg survey showed that the benchmark interest rate will reach 2.25%
in December 2025 after six consecutive quarter-point cuts.
This compares to previous expectations that this level would only be reached in the second quarter of 2026.
Oil Prices Stabilize After Weekly Gains Amid Anticipation of Iran’s Response
Gold Declines as Investors Assess U.S. Rate Cut Prospects: Following last week’s weak jobs report, traders adjusted their expectations for interest rate cuts, now expecting a cut of about 105 basis points by the end of the year.
China’s Daily Crude Oil Imports in July Drop to Lowest Levels Since September 2022
Weak processing margins and reduced fuel demand have curbed operations at state-owned and independent refineries.
Data from the General Administration of Customs revealed that the world’s largest crude oil
importer brought in 42.34 million tons in July, or about 9.97 million daily barrels.
Gold Declines as Investors Assess U.S. Rate Cut Prospects:
Traders adjusted their expectations for interest rate cuts following last week’s weak jobs report,
now expecting a cut of about 105 basis points by the end of the year.
However, the CME Group’s FedWatch tool showed that markets anticipate a 65%
chance of the Federal Reserve cutting rates by 50 basis points in September, compared to 85% yesterday.
U.S. Secretary of State Antony Blinken said on Tuesday that the U.S. has sent a message
To Iran and Israel, escalation in the Middle East conflict should be avoided.
Meanwhile, the Department of Defense warned it would not tolerate attacks on U.S. forces in the region.
Asian Stocks Rise After Japan Eases Interest Rate Concerns:
Major stock indices in Japan rose after the yen dropped more than 2% against the dollar.
Bank of Japan Deputy Governor Shinichi Uchida referred to recent market volatility,
stating that the BOJ’s interest rate path would change if it impacted monetary policy expectations.
Stocks in Taiwan and South Korea continued their gains, with the regional index up by 1.7%.
Gold Declines as Investors Assess U.S. Rate-Cut Prospects
Asian Stocks Rebound Driven by Wall Street’s Rise and Earnings Season: Asian markets experienced a significant rebound,
benefiting from Wall Street’s strong performance and tech companies’ earnings season.
These movements come amid a continuous decline in global indices
as investors look forward to a new period of calm and stability.
Asian stocks followed the footsteps of Wall Street’s rebound as investors looked beyond Joe Biden’s re-election campaign end
to focus on the start of the tech companies’ earnings season.
The MSCI Asia Index halted its three-day decline, with stocks rising in Taiwan and Japan.
Hong Kong stocks fluctuated at the opening.
This came after a 1.1% jump in the S&P 500 index ahead of the earnings announcements of Teslaand Alphabet,
scheduled to be released later today, Tuesday.
Return of Calm to the Markets
During the past few sessions, the calm returned to the markets after high valuations
and political uncertainties led to massive sell-offs driven by tech stocks.
Despite the many headlines following Biden’s withdrawal from the race
and Kamala Harris’s endorsement, U.S. volatility fell as buyers emerged at the dips.
Risk Sentiment
Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore, said:
“Risk sentiment and the Democrats’ support for Kamala Harris seem strong, or at least on the way to being so.
” He added: “What remains to be seen is whether the upcycle will see gains realized
by the ‘Magnificent Seven,’ becoming broader to include small stocks.”
Performance of Bonds and Currencies
Treasury yields fell ahead of this week’s economic data and the Federal Reserve’s preferred inflation gauge.
For most of July, bets on a September rate cut led to the rise of short-term bonds,
narrowing the gap with longer-term maturities.
The Japanese yen rose slightly, hovering near 157 yen per dollar ahead of next week’s Bank of Japan policy meeting.
According to people familiar with the matter,
Bank of Japan officials see that weakness in consumer spending will complicate their decision to raise interest rates this month.
Australian bond yields rose, while the currency remained largely unchanged after a six-day decline amid falling commodity prices.
The U.S. dollar stabilized in early Asian trading.
Economic Policies in Asia
In Asia, Indian Finance Minister Nirmala Sitharaman will present the budget today,
outlining the economic priorities of the new coalition government led by Prime Minister Narendra Modi.
Awaiting Earnings
SK Hynix Inc., Contemporary Amperex Technology Co, and Keyence Corp.
are among the earnings companies set to announce in the region this week.
Almost two-thirds of participants in Bloomberg’s “Markets Live Pulse” survey expect earnings to boost the U.S. index.
The “Magnificent Seven” index rose by more than 2% on Monday, led by gains in Teslaand Nvidia.
Shifts in Investor Sentiment
After leading the rise in U.S. stocks most days of the year, major tech companies hit a wall last week.
Investors shifted from high-flying large stocks to more risky and declining market parts,
driven by bets on Federal Reserve rate cuts and the threat of imposing more trade restrictions on chipmakers.
Strategists’ Expectations
Strategists at the BlackRock Investment Institute reaffirm their confidence
in U.S. stocks despite the S&P 500’s worst week in three months.
A team of strategists led by Wei Li considered the declines a “buying opportunity.”
They added that “despite the short-term noise” about the rise of small-cap stocks,
major tech companies will likely continue generating returns, positively reflecting on the markets.
S&P 500 Earnings Performance
The S&P 500 earnings estimates did not drop in the second quarter as much as they did previously, According to strategists at JPMorgan, there is little room for disappointment in the current earnings season.
A team led by Mislav Matejka said that expectations typically fall by 5%
in the three months preceding results, but the decline was about 1% this time.
Commodity Market
Oilprices stabilized near a six-week low in the commodities market
as traders awaited new clues about market balances, including U.S. inventory forecasts.
Asian Stocks Rebound Driven by Wall Street’s Rise and Earnings Season
Asian Stocks Up Before U.S. Inflation Data: Asian stocks have significantly risen with the climb of the world’s largest technology companies,
leading to new global stock market highs ahead of the anticipated U.S. inflation data.
Stocks in Japan and Australia rose, reflecting the bullish wave experienced on Wall Street on Wednesday.
The S&P 500 and Nasdaq 100 indices increased by more than 1%, with global stock indices reaching new record levels.
The S&P 500 index has risen in the last seven sessions, marking its longest winning streak since November.
Performance of Technology Companies
The surge in U.S. stocks accelerated in the final minutes of trading, focused on companies like Nvidia and Apple.
The iPhone manufacturer announced plans to ship 10% more new devices this year after a challenging 2023. Taiwan Semiconductor Manufacturing, the sole supplier of the most advanced chips for Nvidia and Apple,
reported that its second-quarter sales grew at the fastest pace since 2022.
Calm Markets Amid Data Flow
Mark Hackett from Nationwide stated that markets “remain remarkably calm despite the data flow this week,
including Fed Chairman Powell’s testimony before Congress over the past two days,
the upcoming consumer and producer price index reports, and the beginning of the earnings season.”
U.S. Inflation Trend
The U.S. core consumer price index, which excludes food and energy costs and is seen as a preferred inflation measure,
is expected to rise by 0.2% in June for the second consecutive month.
This would represent the smallest back-to-back increase since August,
a more acceptable pace for Federal Reserve officials.
Anna Wong from Bloomberg Economics said,
“The June CPI report appears to be another report that can be described as very good,”
adding that “it should bolster the FOMC’s confidence regarding the inflation path,
paving the way for the Fed to start cutting rates in September.”
Interest Rate Cut Expectations
Swap contracts are pricing in two rate cuts by the Federal Reserve in 2024,
with the first cut likely in September.
The U.S. dollar strength index remained largely unchanged today
despite gains in the yen, Australian dollar, and New Zealand dollar against it.
Implications of China’s Decision
In Asia, investors will examine the impact of the Chinese Securities Regulatory Commission’s decision
to tighten short-selling rules and high-frequency trading using
advanced algorithms in an attempt to eliminate improper arbitrage and maintain market stability.
Jerome Powell’s Statements
As Wall Street prepares for the consumer price index release, Jerome Powell
told Congress that the Federal Reserve does not need a sub-2% inflation rate
to begin cutting rates and that officials still have more work.
Powell noted that the labor market has “slowed significantly.”
Powell discussed “good ways to go” in reducing the balance sheet,
affirming that the commercial real estate market does not threaten financial stability.
Krishna Guha’s Perspective
Krishna Guha from Evercore believes that “the main takeaway from Powell’s testimony is that the
Fed’s risk assessment is changing in a way that, if supported and sustained by data,
will lead to a rate cut in September.”
Economic Reports in Asia
Today, it will be packed with economic reports from Asia, including Thailand’s consumer confidence index,
Japan’s machinery orders, monetary policy decisions in Malaysia and South Korea,
and new figures on the money supply and lending in China.
Australian and New Zealand bonds showed little change in early trading while oil prices rose.
Gold prices remained largely stable after climbing for the second consecutive session yesterday.
Asian stocks rose at the beginning of the last quarter
Asian stock markets had a strong start to the last quarter of the year on Monday, with futures for the S&P 500 index rising and the dollar maintaining its stability, thanks to a last-minute agreement to avoid a U.S. government shutdown.
The benchmark Nikkei index in Japan jumped as much as 1.7% at the beginning of the session before retracting to a 0.7% gain in the afternoon. The yen also weakened to around 150 yen per dollar, which is a boon for exporters and their foreign earnings.
The eleventh-hour agreement to avert a U.S. government shutdown reached over the weekend also helped improve sentiment and lifted U.S. stock futures by 0.5% in Asia. The temporary funding bill passed over the weekend allows the government to continue operating until November 17, meaning key data releases, including the monthly jobs report due on Friday, can proceed as scheduled.
Strategists at TD Securities wrote in a client note, “Shutdown risks are only being pushed back, not eliminated.” They noted that “a sense of reduced uncertainty is likely to bring some relief to markets,” but “market volatility is likely to remain elevated as investors await the next catalyst, which is likely to be top-tier data releases.”
Japanese stocks received support from the quarterly Tankan survey conducted by the Bank of Japan, which showed an improvement in business sentiment. The broader MSCI Asia-Pacific index, excluding Japan, remained flat.
Among the major gainers were Japanese car manufacturers and electronics companies.
Toyota Motors’ stock rose by 1.4%, and Sony Group’s stock increased by 1.7%.
In the currency market, the dollar remained strong despite falling short of its recent highs, except against the yen, where it reached its highest level since October last year at 149.74 yen.
Christopher Wong, a currency strategist at OCBC, said, “Relative growth resilience in the United States and the Federal Reserve’s hawkish stance are factors that continue to support the dollar until U.S. data starts showing more concrete signs of a slowdown.”
Coinbase Expands Digital Asset Services with Full Singapore License
Coinbase, the renowned cryptocurrency exchange listed on NASDAQ under the ticker COIN, has achieved a significant milestone by securing a full major payment institution license from the Monetary Authority of Singapore (MAS). This accomplishment paves the way for Coinbase to enhance its digital asset payment services within the vibrant Singaporean market. Let’s dive into the details of this pivotal development.
A Landmark License
The San Francisco-based exchange was granted this full major payment institution license recently, marking a notable progression from the initial approval it received from MAS approximately a year ago. This regulatory green light solidifies Coinbase’s position as a major player in Singapore’s digital payment token services arena.
Singapore: A Crypto Hub in Asia
Singapore’s rising prominence as a cryptocurrency hub in Asia has attracted digital asset firms from various corners of the world, including China and India. Coinbase’s strategic move to expand its operations in Singapore aligns perfectly with this burgeoning trend.
Coinbase’s Commitment to Singapore
Mr. Hassan Ahmed, Coinbase’s country director for Singapore,
offered insights into the company’s current operations and future plans.
The dedicated team in Singapore comprises nearly 100 professionals,
spanning various roles such as product managers, engineers,
business development specialists, compliance experts, and legal professionals.
Coinbase’s responsiveness to local demand was evident when it introduced convenient funding options earlier this year, including PayNow and FAST bank transfers, in addition to the user-friendly SingPass onboarding system.
Unlocking Enhanced Services
With the attainment of this full license, Coinbase is now well-equipped to offer an array of enhanced services to both individual users and institutions. Apart from its existing trading and staking services, which involve locking up digital tokens for validation of blockchain transactions and earning rewards, Coinbase can now broaden its scope and diversify its offerings.
Coinbase Ventures and the Web3 Ecosystem
Coinbase is focused on its core services and is deeply invested in fostering innovation within the blockchain and cryptocurrency space.
The company operates an Asia Pacific technology hub in Singapore and has invested in more than 15 promising Web3 startups based in the country through its investment arm, Coinbase Ventures
. Mr. Ahmed emphasized that Singapore’s robust Web3 ecosystem, home to over 700 Web3 companies, makes it an ideal match for Coinbase’s forward-looking vision.
Crypto Adoption in Singapore
Recent survey data revealed that 32% of Singaporeans currently own cryptocurrencies or have done so in the past. Additionally, 25% of surveyed individuals in Singapore view cryptocurrencies as the future of finance. These statistics underscore the growing interest and acceptance of digital assets within the nation.
Coinbase’s Financial Performance
On the financial front, Coinbase reported a significant improvement in its second-quarter results.
The company’s net loss for Q2 decreased to $97 million,
down from a record $1.1 billion in the same period the previous year. Furthermore,
Coinbase’s revenue, though showing a 12% decline to $707.9 million,
exceeded the estimated figure of $631.2 million. Remarkably, despite the challenges,
Coinbase’s shares have more than doubled in value in 2023.
In conclusion, Coinbase’s acquisition of a full major payment institution license from MAS is a significant achievement that underscores its commitment to the Singaporean market and its ambition to offer an extended range of services. As Singapore continues to thrive as a cryptocurrency hub in Asia, Coinbase is poised to play a pivotal role in shaping the future of digital finance in the region.
Strategists at TD Securities noted that shutdown risks are being postponed, not eliminated, and market volatility is likely to remain elevated.
Japanese stocks were supported by the quarterly Tankan survey, which showed an improvement in business sentiment.
Major Japanese car manufacturers and electronics companies saw gains, including Toyota Motors and Sony Group.
In the currency market, the dollar remained strong, except against the yen.
Crude oil prices stabilized after late-week declines.
Asian stocks rose at the beginning of the last quarter
