Asian Stocks Continue Rally on Strong Growth Signs
By wchung | 09 May, 2025

Asian stock markets were mostly higher Wednesday amid expectations low global interest rates will continue to fuel strong economic growth.

Japan’s Nikkei 225 stock average rose 0.4 percent to 11,321.29 ahead of the central bank’s latest decision on monetary policy, due out later in the day. The Bank of Japan is expected to keep interest rates unchanged.

Financial names rose sharply, with Mitsui Sumitomo Financial Group Inc. jumping 3.5 percent and Mitsubishi UFJ Financial Group Inc. up 1.4 percent.

Hong Kong’s benchmark stock index rose 1.3 percent while China, Singapore, Malaysia, and South Korea were litte changed.

China’s economy, whose growth has helped the region’s exporters, likely expanded an annualized 11.5 percent in the first quarter, DBS bank said.

Hopes for continued low interest rates in the U.S. supported sentiment in Asia. On Tuesday, minutes of the Federal Reserve’s March meeting signaled that rates would stay at record lows for the time being to help underpin the economic recovery.

Australia’s benchmark added 0.2 percent to 4,964.80. Resource-related shares were key movers, with mining giant Rio Tinto Ltd. climbing 0.4 percent.

Indonesia’s benchmark index rose 0.6 percent. On Tuesday, Indonesia’s central bank held interest rates unchanged and raised its 2010 economic growth forecast to between 5.5 percent and 6.0 percent from a previous expectation of between 5.0 percent and 5.5 percent.

Overnight in New York, the Dow Jones industrials slipped about 4 points, or less than 0.1 percent, to 10,969.99 as a rise in bank shares offset drops in some technology names.

In currencies, the dollar rose to 94.17 yen Wednesday from 93.74 yen Tuesday. The euro fell slightly to $1.3386 from $1.3395 late Tuesday.

Benchmark crude for May delivery fell 4 cents to $86.80 a barrel Wednesday in Asia.

ALEX KENNEDY, Associated Press Writer SINGAPORE