Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Wednesday, July 2
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Stock Market»Stock market today: Asian stocks track Wall Street gains ahead of central bank meetings
    Stock Market

    Stock market today: Asian stocks track Wall Street gains ahead of central bank meetings

    July 29, 20244 Mins Read


    Asian stocks started the week with gains ahead of central bank policy meetings in the United States and Japan, after a broad rally on Wall Street that capped a tumultuous week

    July 29, 2024, 12:42 AM ET

    • 4 min read

    Asian stocks started the week with gains ahead of central bank policy meetings in the United States and Japan, after a broad rally on Wall Street that capped a tumultuous week.

    U.S. futures and oil prices rose.

    In Tokyo, the Nikkei 225 index surged 2.1% to 38,468.63.

    The key focus in Asian markets this week will be the Bank of Japan’s monetary policy meeting on Wednesday, where investors widely expect the central bank to raise its key interest rate from its near-zero level to perhaps up to 0.3%.

    The U.S. Federal Reserve will wrap up its policy meeting on Wednesday and is expected to keep its benchmark rate unchanged. But it might provide further support for a rate cut in September. This week also will bring U.S. jobs data on Friday.

    “In a monumental week for macro watchers, everyone is hoping for calm while bracing for the inevitable storm of volatility,” Stephen Innes of SPI Asset Management said in a commentary.

    Since the Federal Reserve began raising interest rates in March 2022 to counter inflation, he added, “the big market blunder has been prematurely anticipating rate cuts — way too early and far too aggressively. It’s like expecting dessert before finishing the main course.”

    The Japanese yen has weakened against the U.S. dollar in anticipation of such a change. Last week, the U.S. dollar was hovering around 154 yen. Early Monday, it was trading at 153.35 yen, down from 153.76 yen.

    Hong Kong’s Hang Seng added 1.6% to 17,287.28 and the Shanghai Composite index rose 0.4% to 2,893.08 after official data on Saturday showed that industrial profits rose 3.5% in the first half of 2024 compared with last year. That was a glimmer of positive news following recent interest rate cuts and other piecemeal stimulus that followed a top-level policy meeting of the ruling Communist Party earlier this month.

    Australia’s S&P/ASX 200 advanced 0.8% to 7,989.60. In South Korea, the Kospi jumped 1.2%, to 2,765.53.

    Elsewhere, Taiwan’s Taiex gained 0.2%. The SET in Bangkok was closed for a holiday.

    On Friday, the S&P 500 jumped 1.1% to 5,459.10 for its best day in seven weeks after 3M and several other big companies delivered better profits for the spring than analysts expected. The Dow Jones Industrial Average soared 1.6% to 40,589.34, while the Nasdaq composite climbed 1% to 17,357.88.

    The market’s widespread gains included rallies for both Big Tech behemoths and smaller stocks. The Russell 2000 index of smaller stocks climbed 1.7% to bring its gain for the month so far to 10.4%.

    Nvidia rose 0.7% to trim its loss for the week to 4.1%. Most of the other members of the small group of tech stocks known as the “Magnificent Seven” also clawed back some of their losses from earlier in the week.

    They were under pressure after the latest profit reports from Tesla and Alphabet raised worries that investors had gotten carried away in their frenzy around artificial-intelligence technology and taken Magnificent Seven prices too high.

    3M leaped 23% after reporting stronger profit and revenue for the latest quarter than analysts expected. The company behind the Scotch-Brite and Nexcare brands also raised the bottom end of its forecasted range for profit for the full year of 2024.

    Market watchers have been hoping for just such a broadening of gains because a market with many stocks rising is seen as healthier than one lifted by just a handful of dominating elites.

    Stocks broadly got a boost from Friday’s latest update on inflation, which further cemented investors’ expectations for coming cuts to interest rates.

    U.S. consumers paid prices in June that were 2.5% higher than a year earlier, down from May’s inflation rate of 2.6%, the Commerce Department said on Friday. That’s according to the personal consumption expenditures index, which the Federal Reserve pays more attention to than the consumer price index, or CPI.

    In other dealings early Monday, U.S. benchmark crude oil rose 45 cents to $77.61 per barrel in electronic trading on the New York Mercantile Exchange.

    Brent crude, the international standard, picked up 49 cents to $80.77 per barrel.

    The euro rose to $1.0861 from $1.0857.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleSenator Lummis Proposes $67B Strategic Bitcoin Reserve to Back USD
    Next Article Marketers and finance chiefs get along after all, IAPI study finds – The Irish Times

    Related Posts

    Stock Market

    AstraZeneca boss mulls New York listing in fresh blow for City: Exodus risks transforming London into a ‘global backwater’

    July 1, 2025
    Stock Market

    Astrazeneca chief ‘wants to shift London listing to US’

    July 1, 2025
    Stock Market

    Dow, S&P 500, Nasdaq slip after record run as Tesla sinks with Trump tax bill in focus

    July 1, 2025
    Leave A Reply Cancel Reply

    Top Posts

    Action Ganglong China Property Group Limited | Cours 6968 Bourse Hong Kong S.E.

    July 31, 2007

    les fondamentaux de l’or restent bons

    September 4, 2007

    les fondamentaux de l’or restent bons

    September 4, 2007
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Stock Market

    Is this the best UK stock under £1 right now?

    October 28, 2024
    Stock Market

    Wall Street today: US stocks muted after strong Q3 GDP data, Alphabet climbs over 6%

    October 30, 2024
    Commodities

    Low commodity prices are keeping export revenues bogged down

    August 12, 2024
    What's Hot

    Bitcoin’s PoW Is Bug, Not Feature, Here’s Why

    October 26, 2024

    Latin American currencies fall on commodities weakness; Brazil in focus

    July 23, 2024

    What comes next for UK house prices?

    August 6, 2024
    Most Popular

    Les principaux risques d’accumulation de Bitcoin de la stratégie révélés par les analystes

    June 1, 2025

    Le prix du bitcoin diminue fortement en dessous de 102 000 $ à mesure que le profit accélère

    June 6, 2025

    Fortescue profit plunges as China Iron Ore demand declines

    February 19, 2025
    Editor's Picks

    Le prix Bitcoin forme la tête et les épaules en décolleté, ATH cette semaine?

    June 10, 2025

    EastGate property sells for $40.75M; defense contractor SAIC expands

    July 22, 2024

    S&P/TSX composite up nearly 250 points, U.S. stock markets also higher

    August 23, 2024
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2025 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.