Asia mixed, geopolitics and rate outlook weigh

Performance of major Asian indices

A mixed session for Asian markets on April 29, 2026, with investors remaining cautious amid an uncertain global backdrop. Stock exchanges moved in different directions, reflecting both international pressures and local dynamics.

1. Nikkei 225 (Tokyo): 60,107.50 points (-0.7%)
2. Hang Seng (Hong Kong): down about -0.7%
3. Shanghai Composite (Shanghai): -0.1%
4. KOSPI (Seoul): 6,712.73 points (+1%, new all-time high)

Profit-taking and a stronger yen weighed on the Japanese market, while Hong Kong equities were dragged lower by weakness in the technology sector. Shanghai saw more limited losses, whereas Seoul stood out thanks to strong performance in export-oriented stocks.

Geopolitics and oil pressure markets

The international environment remains the key risk factor for investors. Ongoing tensions in the Middle East and around global energy routes have kept volatility elevated, with oil prices holding at relatively high levels. In particular, concerns focus on potential disruptions to supply through strategic chokepoints such as the Strait of Hormuz, fueling inflation fears and dampening risk appetite. This environment is especially challenging for Asian economies heavily reliant on energy imports.

Central banks and tech under scrutiny

On the macroeconomic front, markets are awaiting the next moves from the Federal Reserve, while in Japan expectations are building for a less accommodative stance from the Bank of Japan. At the same time, weakness in the technology sector has weighed on several Asian markets, as expectations surrounding artificial intelligence-driven growth are reassessed. South Korea stands out as an exception, where a rally in major industrial and tech groups has pushed the market to fresh highs.

Overall, the session highlights a cautious and selective Asian market, caught between global uncertainty and localized opportunities.

Andrea Pelucchi