Tokyo leads on chip gains, Asia mixed

Asian stock markets are mixed, with investors continuing to assess the ceasefire between Israel and Iran. Tokyo stands out, boosted by semiconductor stocks after Nvidia shares surged over 4% in the U.S., closing at a record high for the first time since January. Meanwhile, Citi has raised its 2025 growth forecast for China from 4.7% to 5%, aligning with Beijing's official target, supported by strong growth in the first half of the year and resilient exports.

Heavy buying lifted the Tokyo Stock Exchange, with the Nikkei 225 gaining 1.57%, marking its fourth consecutive day of gains since last Monday. In contrast, Shenzhen is trading flat, up just 0.18%.

Hong Kong is in negative territory (-0.83%), as is Seoul (-1.06%). Mumbai shows a modest increase (+0.33%), while Sydney remains virtually unchanged (-0.06%).

In the currency markets, the euro is broadly stable against the Japanese yen, hovering around previous levels. The euro is also flat against the Chinese yuan (+0.01%) and shows no notable movement versus the Hong Kong dollar (0%.

Bond yields remain steady, with Japan's 10-year government bond yield at 1.41% and China’s at 1.66%.

Key upcoming macroeconomic data in Asia: Friday, 27/06/2025 01:30 Japan: Unemployment Rate (expected 2.5%; previous 2.5%) 01:50 Japan: Retail Sales, YoY (expected 2.4%; previous 3.3%) Monday, 30/06/2025 01:50 Japan: Industrial Production, monthly (previous -0.9%) Tuesday, 01/07/2025 01:50 Japan: Tankan Index, quarterly (previous 12 points) 02:30 Japan: Manufacturing PMI (previous 49.4 points)