Asian equities struggled on Thursday, surrendering early gains in a volatile session. While strong technology earnings and record-breaking performance on Wall Street initially buoyed sentiment, persistent geopolitical friction in the Middle East ultimately forced investors to the sidelines.
Gold prices fell toward $4,700 an ounce on Thursday.
WTI crude futures climbed above $94 per barrel on Thursday.
The benchmark KOSPI climbed nearly 2% to around 6,530 on Thursday. The South Korean won traded near 1,480 per dollar. South Korea’s economy expanded by 1.7% QoQ in the first quarter of 2026, recovering from a 0.2% contraction in the previous quarter.
Japan (NKY:IND) fell 0.69% to below 59,000 on Thursday, while the broader Topix Index also declined 1.2% to 3,700.
The S&P Global Japan Manufacturing PMI rose to 54.9 in April 2026 from March’s 51.6, exceeding market expectations of 51.2. This marks the fourth consecutive month of growth in factory activity and the fastest rate since January 2022. Conversely, the S&P Global Services PMI decreased to 51.2 from 53.4, the lowest since May 2025.
China’s (SHCOMP) fell 0.15% to 4,098 on Thursday, while the Shenzhen Composite lost 0.4% to 15,117, and the offshore yuan
Market attention has also turned to the April 27–30 session of the National People’s Congress Standing Committee, where lawmakers will review draft revisions to the Prison Law and consider other legislative changes.
Hong Kong (HSI) fell 0.71% to 25,950 on Thursday, reversing gains from the previous session.
India (SENSEX) fell 0.92% to 78,032 on Thursday, pressured by surging oil prices and escalating Middle East tensions. The Indian rupee slipped to around 94 per dollar, extending its losses to a three-week low.
The HSBC India Manufacturing PMI rose to 55.9 in April 2026 from 53.9 in March, signaling a stronger improvement in factory conditions, flash data showed. The HSBC India Composite PMI rose to 58.3 in April 2026 from a final 57.0 in the previous month.
Australia (AS51) fell 0.68% to 8,793 in early Thursday trade, retreating for a third session and hovering at a two-week low. The Australian dollar held around $0.71, moving in a tight range near four-year highs.
The S&P Global Australia Manufacturing PMI rose to 51.0 in April 2026, up from 49.8 in March, signalling a return to expansion, even as output declined more slowly. The S&P Global Australia Services PMI Business Activity Index increased to 50.3 in April from 46.3.
In the U.S. on Wednesday, all three major indexes ended higher at records on Wednesday after an extension to the ceasefire in Iran and strong corporate earnings.
