Global Markets Roundup | Japan's Nikkei 225 at 34-year highs

Across Asian markets, we're witnessing a surge in activity as trading resumes post the Lunar New Year holiday, with notable gains in Japan's Nikkei 225, which soared by 1.82 per cent on opening, breaching the significant 37,000 mark and hitting heights unseen in 34 years.

The Nikkei is poised to establish a new 34-year high if it sustains these gains until closure, having initially breached 37,000 on an intraday basis just last Friday. South Korea's Kospi, meanwhile, marked its return to trading with a respectable 1.16 per cent increase.

Shifting focus to the US, the Dow Jones Industrial Average surged to a fresh record high as investors eagerly await updates on inflation and earnings. Conversely, the S&P 500 experienced a marginal decline of 0.09 per cent, while the Nasdaq Composite slipped by 0.3 per cent.

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Oil markets, on the other hand, have displayed stability for the second consecutive day, as concerns regarding potential US interest rate adjustments and their implications on fuel demand offset anxieties surrounding tensions in West Asia, which could disrupt supply chains. This follows a similar trend from the previous session, where oil prices remained nearly unchanged after experiencing a notable 6 per cent increase the prior week.

Yet, it's the realm of cryptocurrency that's truly captivating this week. Bitcoin, in particular, surged above the $50,000 mark on Monday, achieving its highest level in over two years. Noteworthy is the robust demand for spot-bitcoin ETFs, evident from substantial net inflows of $1.1 billion over the past week and a staggering $2.8 billion since their launch.