S&P 500 Hits New Record High Amid Evergrande Concerns

The S&P 500 record high, with diverse market movements in Asia amid Evergrande concerns and global economic events shaping the financial landscape.

Asian-Pacific markets experienced a diverse performance on Tuesday, with concerns surrounding the fallout from Evergrande’s liquidation taking center stage. The embattled Chinese property developer faced a significant setback, leading to a more than 20% plunge in its shares, prompting a halt. Hong Kong’s Hang Seng index bore the brunt of the turmoil, plummeting over 2% as investor worries about the broader implications of Evergrande’s woes intensified.

The mainland Chinese CSI 300 also suffered, closing nearly 1% lower. The Hong Kong court’s decision to liquidate Evergrande, once a significant player in the Chinese real estate sector, triggered declines in consumer cyclical and real estate stocks.

S&P 500 Hits New Record High Amid Evergrande Concerns

In contrast, Japan’s Nikkei 225 displayed a modest 0.05% uptick, and the broader Topix remained slightly above the flatline. Japan reported a lower-than-expected unemployment rate for December at 2.4%, down from the previous month’s 2.5%. South Korea’s Kospi managed a 0.27% gain, while the small-cap Kosdaq experienced a marginal 0.1% decline. Australia’s S&P/ASX 200 exhibited resilience, closing up 0.29% at 7,600.20, marking its seventh consecutive gain.

Meanwhile, the S&P 500 set a new record high in the United States, concluding at 4,927.93 with a 0.76% increase. Wall Street focused on upcoming mega-cap tech earnings reports and the Federal Reserve’s rate policy decision. The Dow Jones Industrial Average rose by 0.59%, and the Nasdaq Composite gained 1.12%.

Global markets await key economic events, including the release of the Housing Price Index (HPI) and Consumer Confidence data in the United States at 2:00 PM GMT, followed by the JOLTS Job Openings report at 3:00 PM GMT.

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