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As on : 29-May-2025

Market Commentary - Foreign Markets
29-May-2025 15:51

China's Shanghai Composite index rise 0.70%

Asian stocks ended mostly higher on Thursday, with tech stocks surging as Nvidia posted first-quarter earnings and revenue ahead of estimates, helping ease fears of a China slowdown.

Sentiment was also underpinned after a U.S. trade court blocked President Donald Trump's 'Liberation Day' import tariffs from going into effect, ruling that he did not have unbounded authority to tax imports from nearly every country.

The decision by the Manhattan-based three-judge Court of International Trade boosted risk appetite and weakened demand for safe-haven assets, with the Japanese yen falling as low as 146.26 against the greenback and gold dropping to $3,280 per ounce in Asian trade. Oil pushed higher alongside equity markets as tariff concerns eased.

China's Shanghai Composite index rose 0.70 percent to 3,363.45 despite reports that the U.S. government has imposed new export restrictions on a range of goods shipped to China. Hong Kong's Hang Seng index gained 1.35 percent to close at 23,573.38.

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