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Asian Markets Rebound Despite Wall Street’s Tepid Performance

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Asian Markets

Most Asian markets rose on Tuesday, recovering from the previous day’s sell-off. Investors are closely watching the release of US inflation data, which could influence the Federal Reserve’s decisions on interest rates. Despite a relatively subdued performance on Wall Street, there is caution in the markets as investors consider potential profit-taking and assess the outlook for monetary policy.

There is a sense of nervousness on trading floors ahead of the release of the February consumer price index (CPI) report later in the day. The unexpected uptick in January dampened hopes for an earlier start to rate cuts by the central bank. Futures traders are now betting on three rate reductions this year, compared to the initial forecast of six at the beginning of the year.

Stephen Innes of SPI Asset Management emphasizes the importance of avoiding a repeat of the last CPI release. Another report similar to January’s could raise doubts about the wisdom of the Fed’s rate-cutting approach in 2024, potentially impacting risk appetite.

In early trading, Hong Kong continued its recent advance, benefiting from increased buying of tech firms and positive Chinese inflation data over the weekend, calming concerns about the country’s economy. Sydney, Seoul, Singapore, Taipei, and Manila also experienced gains.

However, Tokyo saw declines amid speculation that the Bank of Japan might shift away from its ultra-loose monetary policy next week, impacting the strength of the yen. Shanghai and Wellington also recorded falls.

Investors largely disregarded Wall Street’s negative performance, where equities reached multiple record highs this year. Analysts suggest that stocks may be due for consolidation or even modest declines, particularly if there is no significant shift in the fundamental picture. Such a downturn could be viewed as a buying opportunity.

The expectation of lower US interest rates has played a role in driving bitcoin to new record highs, reaching $72,880. Regulatory developments in the US and the UK, allowing exchange-traded funds (ETFs) for bitcoin, have further supported its rise and expanded its appeal to new classes of investors.

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U.S. Stock Indices in the Green on the Previous Week

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U.S. Stock

Reviewing the U.S. Stock Markets, the Nasdaq Composite, recorded a decent hike of 46 points, reaching a closing value of 18,398 points by the end of the week. Similarly, the S&P 500 index showed a positive trend, gaining 48 point to settle at 5,615 points. Meanwhile, DJIA Index experienced a notable hike, adding 625 points during the week and concluding at 40,000 points after a week of gaining.

In contrast, Russell 3000 Index saw a gain in week performance, with a slight hike of 39 points to reach 3,189 points by the end of the week.

Moving to Russell 2000 Index, demonstrated a notable hike of 122 points, ending the week at 2,148 points.

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European Stock Weekly Review Highlights Positive Trend

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european stock

In the Outgoing week, the European stock market displayed a gaining performance.

Here is the data on the weekly performance of the European Stock Market, The STOXX Europe 600 index, which is considered a leading benchmark for the European market and covers approximately 90 percent of the market capitalization across 17 countries, reported a gain of 7.48 points to close at 524.08.

The United Kingdom’s FTSE 100, one of the most widely followed indices in Europe, also showed a significant hike, adding 49 points or finishing the session at 8,252.

In Germany, the DAX 30 index, added by 273 points to reach 18,748, while France’s CAC 159 increased by 49 points to stop at 7,724 at the end of the trading day.

Italy’s FTSE MIB, which covers the top 40 stocks traded on the Milan Stock Exchange, increased by 593 points to 34,580. However, Spain’s IBEX 35, added by 227 points, to close at 11,023.

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South Asian Stock Reports A Mixed Results in Past Week

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south asian stock

A review of South Asian stock markets shows that India’s Bombay Stock Exchange (BSE) index BSE Sensex has added 523 points during the week. At the end of the week, the index stood at 80,519 points. On the other hand, the Nifty-50 index of the country’s National Stock Exchange gained by 179 points last week. At the end of the week, the index stood at 24,502 points.

Pakistan Stock Exchange Index ‘KSE 100’, added points last week. After a week of losing, the index settled at 80,030 points.

On the other hand, The Sri Lankan stock market index adds, and the Colombo Stock Exchange index ‘ASPI’ decreased by 104 points in a week. After a week the index settled at 11,843 points.

Bhutan’s stock market index ‘BSI’ lost 5 points hence the index stood at 1,515 points throughout the whole week. Nepal’s ‘NEPSE’ added 85 points, therefore the index stands at 2,204 points.

Hence Dhaka Stock Exchange: The benchmark index ‘DSEX’ gained by 142.15 points or 2.65 percent, in the outgoing week. At the end of the week, the index stands at 5,497 points.

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