During the Golden Week holiday, most major global markets rose. Japanese stocks led the gains, U.S. stocks reached record highs, while Hong Kong stocks alone fell more than 2%. Persistently high U.S. Treasury yields and tight liquidity weighed on markets.
During the Golden Week holiday, global markets were led by Japanese stocks, which gained a cumulative 4.92%; Taiwan's TAIEX also rose 3.89%. All three major U.S. stock indices rose, with the S&P 500 surpassing 7,800 points for the first time to set a record high, while the Nasdaq set a new record for the second consecutive day. Hong Kong stocks, by contrast, fell 1.96%.
Persistently high U.S. Treasury yields were a major concern for markets. The 10-year yield briefly rose to 5.349%, while the 30-year yield reached 5.703%. Brent crude rose 3.27%, while NYMEX crude fell 0.34%, producing divergent moves. The dollar index rose 0.83%, putting downward pressure on gold priced in dollars.
Taiwan's TAIEX rose 3.89%, while TSMC gained more than 4%. South Korea's KOSPI fell approximately 1.98% in a single day, while Samsung Electronics and SK hynix fell approximately 1.5%–3% during the latter half of the holiday. AI and semiconductor-related stocks were commonly cited as market drivers, while a weaker yen and export-oriented sectors supported markets.
Hong Kong markets remained weak under the influence of liquidity conditions. Reports of a suspension of the Hong Kong Stock Connect and restrictions on trading by mainland investors put downward pressure on prices, while persistently high yields and the U.S.-China interest-rate environment continued to reflect uncertainty in the market. A-shares are expected to enter a period of assessing market conditions after the holiday closure, and CICC indicated that it would consider high-dividend assets as a defensive allocation.
The focus is expected to shift to the reaction of Asia-Pacific markets after the holiday, movements in U.S. Treasury yields, and developments in data and policy, in light of the direction of U.S. Treasury yields and the separate outlooks for individual markets.
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