Asian stocks show varied performance following Wall Street's recent gains


July 2, 2024 Tags:

Asian markets showed a mixed response on Tuesday following gains on Wall Street and notable movements in the U.S. bond market, influenced by global election dynamics.

In Tokyo, the Nikkei 225 rose 1.1% to 40,062.42, buoyed by a weaker yen which stimulated demand for export-driven stocks. Conversely, Australia's S&P/ASX 200 declined 0.4% to 7,719.30, while South Korea's Kospi fell 0.9% to 2,778.32 despite a slowdown in consumer inflation.

Hong Kong's Hang Seng climbed 0.6% to 17,819.50 after a holiday break, while Shanghai's Composite Index remained stable at 2,995.78. Taiwan's Taiex saw a modest gain of 0.6%, whereas Bangkok's SET index dipped 0.6%.

Meanwhile, on Wall Street, the S&P 500 advanced 0.3% to 5,475.09, with the Dow Jones rising 0.1% to 39,169.52, and the Nasdaq gaining 0.8% to 17,879.30.

In Europe, the CAC 40 in Paris surged initially by 2.8%, settling with a 1.1% gain amid election results indicating potential government gridlock. This outcome allayed concerns of fiscal policies that could substantially increase government debt.

The global stage is set for pivotal elections, with upcoming votes in the United Kingdom and ongoing analysis of the recent U.S. presidential debate between Joe Biden and Donald Trump.

Investor focus also includes a recent Supreme Court ruling granting broad immunity from prosecution to former presidents, delaying potential legal proceedings against Donald Trump until after November's elections.

Stocks associated with Trump's media ventures showed varied performance, with Trump Media & Technology Group rising 1% to $33.08, yet still below previous highs.

U.S. Treasury yields experienced significant movement, rising to 4.46% from 4.39% late Friday and 4.29% late Thursday. This reversal follows a trend since late April when yields had surpassed 4.70%, impacting borrowing costs across the economy.

Economic indicators showed a mixed picture, with hopes of inflation easing and potential Federal Reserve rate cuts. Manufacturing data released on Monday indicated a more pronounced decline than anticipated, accompanied by slower price increases, potentially supporting the case for lower interest rates.

Friday's U.S. employment report will likely serve as a key economic indicator, revealing June's hiring numbers. Expectations suggest a slowdown to 190,000 new jobs from May's 272,000, approaching what analysts consider an optimal employment rate that balances economic growth without overheating inflation.

In commodities trading, U.S. crude oil rose to $83.50 per barrel, while Brent crude climbed to $86.79 per barrel, reflecting market sentiment and geopolitical factors.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

You may also like

TSX Ends Lower While U.S. Markets Climb with Earnings Hope

Canada’s leading stock index ended the week with a small dip, just as U.S. markets moved upward, powered by early....

Big Tech Helps Wall Street End a Wild Week on a High Note

Wall Street closed a bumpy week on a positive note Friday, thanks to a strong performance from major tech companies.....

TSX Surges Over 250 Points as U.S. Markets Gain for Third Day

Canada's main stock index closed sharply higher on Thursday, climbing more than 250 points in a widespread rally, with mining....

Stocks, Dollar Climb as Trump Eases Pressure on China Tariffs

Global financial markets showed signs of recovery this week as U.S. President Donald Trump backed away from aggressive tariff threats....

Canada Hits Pause on Climate and Diversity Disclosure Rules

The Canadian Securities Administrators (CSA) has announced an indefinite halt to its plans for introducing stricter climate and diversity reporting....

Wall Street Surges as Trump Eases Tariff Talk and Fed Criticism

Wall Street had a strong rally on Wednesday, following a global market surge, as President Donald Trump softened his stance....

Wall Street Bounces Back After Monday Dip, Dollar Steady

After a turbulent start to the week, Wall Street made a strong comeback on Tuesday, wiping out Monday’s steep losses.....

 Markets Rebound: TSX and Wall Street Post Strong Gains

Canada’s main stock index saw a sharp rebound Tuesday, rising nearly 300 points as energy, financial, and metal sectors pushed....

Big Tech’s ‘Magnificent Seven’ reels as Trump shakes market

As Big Tech companies prepare to release their quarterly earnings, they're grappling with political uncertainty that has sent shockwaves through....

Wall Street Sinks as Global Trust in U.S. Takes a Hit

Wall Street plunged on Monday, with major stock indexes taking a steep fall as investors around the world grow uneasy....

Stock Slide After Long Weekend: TSX and U.S. Markets Fall

Canada’s main stock index took a sharp dive on Monday, dropping nearly 200 points as trading resumed after the long....

Trump's Trade War Expands: Pharma and Chip Industries Targeted

The Trump administration has opened a fresh investigation into the import of pharmaceuticals and semiconductor chips, citing national security concerns.....