Asian markets surge, following U.S. record highs. Key updates include strategic investments, economic data, and upcoming events.
Global Markets Overview:
- Asian Stock Markets:
- Nikkei: +1.92%
- Shanghai Composite: +1.27%
- Hang Seng: +0.31%
- ASX: +0.86%
- Commodities:
- Gold: $2370.5 (+0.27%)
- Silver: $31.28 (+1.34%)
- Brent Oil: $85.83 (-0.07%)
- WTI Oil: $82.31 (-0.07%)
- Rates:
- US 10-year yield: 4.281%
- UK 10-year yield: 4.149%
- Germany 10-year yield: 2.526%
Key News & Data:
- Consumer Credit (USD) m/m: 11.4B vs. 9.7B expected
Asian Markets Surge on Global Highs and Strategic Investments
Markets Update: Asian-Pacific markets surged on Tuesday, riding the wave of record highs in the S&P 500 and Nasdaq Composite in the U.S. overnight. Japan’s Nikkei 225 led the charge, climbing 2.36% to a historic 41,745.64, while the Topix increased 1.34% to 2,906. South Korea’s Kospi saw a modest rise of 0.23%, driven by a 0.11% uptick in Samsung Electronics shares despite an ongoing union strike. In contrast, Hyundai’s shares dropped 3.53% following a tentative wage agreement that averted a strike.
Hong Kong’s Hang Seng Index gained 0.3%, with the CSI 300 advancing 0.68%. In a significant development, Chinese electric vehicle giant BYD announced a $1 billion investment in Turkey to build a manufacturing plant with an annual capacity of 150,000 vehicles, expected to begin production by late 2026 and employ up to 5,000 people. This move follows the European Union’s recent decision to increase tariffs on electric vehicles imported from China.
Australia’s S&P/ASX 200 rose 0.86%, despite a 1.1% decline in consumer sentiment for July. However, business confidence in Australia showed a positive trend, improving by 6 points to +4, as the National Australia Bank reported. “Business confidence rose relatively sharply in the month and is now back into positive territory, reaching its highest level since early 2023,” noted NAB’s Head of Australian Economics, Gareth Spence.
Investors are keenly anticipating the release of the U.S. consumer price index on Thursday, which will provide clues about the Federal Reserve’s interest rate decisions. Additionally, China’s inflation data, set to be released on Wednesday, will offer insights into the country’s economic recovery. In the U.S., the S&P 500 and Nasdaq achieved record highs overnight, and traders closely monitor upcoming earnings reports from major financial and consumer companies.
Upcoming Events:
- 2:00 PM GMT – USD Fed Chair Powell Testifies
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