Market News

Asian Markets Rally as Investors Diverge from U.S. Tech Giants

Asian markets rise as investors shift focus from U.S. tech to banking and energy sectors, signaling changing trends.

Global Markets Overview:

  • Asian Stock Markets: Nikkei up 0.95%, Shanghai Composite down 0.75%, Hang Seng up 0.07%, ASX up 1.36%
  • Commodities: Gold at $2337.5 (0.37%), Silver at $29.88 (-0.14%), Brent Oil at $85.13 (-0.09%), WTI Oil at $81.61 (-0.01%)
  • Rates: US 10-year yield at 4.238, UK 10-year yield at 4.109, Germany 10-year yield at 2.397

News & Data:

(EUR) Belgian NBB Business Climate -11.1 vs -10.2 expected

Asian Markets Rally as Investors Diverge from U.S. Tech Giants

Markets Update:

Tuesday witnessed a general rise in Asia-Pacific markets as investors diverted their attention from U.S. Big Tech stocks towards the banking and energy sectors. The Nasdaq experienced a significant dip of over 2%, primarily influenced by Nvidia’s 6.7% decline on Monday.

In South Korea, the consumer sentiment index for June surged to 100.9 from May’s 98.4, signaling growing optimism regarding living standards and economic conditions. Japan observed a modest climb in its services producer price index, with a 2.5% year-on-year increase in May, slightly down from April’s 2.7% rise. The Nikkei 225 and Topix in Japan saw gains of 0.51% and 1.44%, respectively. Similarly, South Korea’s Kospi rose by 0.42%, while the Kosdaq experienced a slight decline of 0.52%.

Taiwan’s Weighted Index concluded with a marginal decrease of 0.29%, whereas Hong Kong’s Hang Seng index surged by 0.74%, and China’s CSI 300 edged up by 0.16%. Reuters reported the Biden administration’s investigation into China Mobile, China Telecom, and China Unicom over concerns about potential data access by Beijing through their U.S. operations, leading to gains for these companies in morning trade.

Australia’s S&P/ASX 200 showcased a robust increase of 1.36%. Meanwhile, the Dow Jones Industrial Average recorded a 0.67% rise, contrasting with the S&P 500’s 0.31% drop. The Nasdaq Composite witnessed its most significant decline since April, slipping by 1.09%.

Upcoming Events:

  • 12:30 PM GMT – CAD CPI m/m, Median CPI y/y, Trimmed CPI y/y, Common CPI y/y, Core CPI m/m
  • 2:00 PM GMT – USD CB Consumer Confidence

As investor sentiment pivots away from U.S. tech giants, Asian markets are experiencing shifts toward banking and energy sectors, reflecting changing global investment trends.

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