### Asian Markets Rise on Optimism for Future Fed Rate Cuts and Chinese Stimulus
Asian stocks saw an uptick on Monday as anticipation grew for potential Federal Reserve rate cuts in 2024 and new stimulus measures from China aimed at bolstering its beleaguered property market.
In Asia, the dollar maintained its stability during trading hours, while gold prices surged over 1%, hitting a record high, as market sentiment adjusted to revised interest rate expectations.
Oil prices experienced modest gains, driven by political instability in two of the world's leading oil-producing nations.
### Geopolitical Turbulence and Health Concerns
Iranian President Ebrahim Raisi and Foreign Minister Hossein Amir-Abdollahian tragically lost their lives in a helicopter crash near Jolfa, a city adjacent to Azerbaijan, due to heavy fog.
In a separate incident, Saudi Arabia's state news agency reported that King Salman, aged 88, is set to undergo treatment for lung inflammation.
### Market Performances Across Asia
**China:** The Shanghai Composite Index rose 0.54% to close at 3,171.14, as the People's Bank of China left its benchmark loan prime rate (LPR) unchanged, aligning with widespread expectations. The Hong Kong Hang Seng Index gained 0.42%, closing at 19,636.22.
Optimism over China's economic recovery was bolstered by recent measures aimed at stabilizing the property market and boosting home sales. These measures included a reduction in down payments for housing loans, lower mortgage interest rates for first- and second-time homebuyers, and removal of the mortgage rate floor. Additionally, on Friday, China's finance ministry auctioned 30-year bonds at a yield of 2.57%, consistent with market forecasts.
**Japan:** Japanese markets showed notable gains, with investors factoring in a Fed rate cut as soon as September. The Nikkei 225 climbed 0.73%, reaching 39,069.68—its highest in a month. The Topix index also advanced 0.82% to end at 2,768.04. Shin-Etsu Chemical, a chip material maker, saw a 4.3% surge, whereas tech investor SoftBank Group declined by 2.8%.
**South Korea:** Seoul's markets closed on a high note, with the Kospi rising 0.64% to 2,742.14. Leading tech firm Samsung Electronics jumped 1.9%, and automaker Hyundai Motor rallied 2.7%.
**Australia:** The Australian market also performed well, buoyed by gains in commodity-related stocks. The S&P/ASX 200 increased by 0.63% to close at 7,863.70, ahead of the Reserve Bank of Australia's May meeting minutes release on Tuesday. The broader All Ordinaries index rose 0.62%, finishing at 8,132.10. Star Entertainment shares soared 20% following unsolicited, non-binding takeover interest from multiple external parties.
**New Zealand:** Across the Tasman Sea, New Zealand’s S&P NZX-50 index edged up 0.31% to 11,735.71.
### U.S. Market Trends
On Friday, U.S. stocks fluctuated before closing mostly higher, marking their fourth consecutive week of gains driven by the prospect of a September rate cut from the Federal Reserve. The Dow Jones Industrial Average edged up 0.3%, surpassing the 40,000 mark for the first time, while the S&P 500 added 0.1%. The tech-heavy Nasdaq Composite finished marginally lower.
