Global Markets:
- Asian Stock Markets : Nikkei down 2.11%, Shanghai Composite up 0.11%, Hang Seng down 1.82% ASX up 0.34%
- Commodities : Gold at $2654.35 (0.26%), Silver at $30.64 (0.38%), Brent Oil at $76.29 (-0.16%), WTI Oil at $73.46 (-0.15%)
- Rates : US 10-year yield at 4.610, UK 10-year yield at 4.6090, Germany 10-year yield at 2.4475
News & Data:
- (USD) Factory orders m/m -0.4% vs -0.3% expected
- (USD) Final Services PMI 56.8 vs 58.5 expected
Markets Update:
Asia-Pacific markets climbed on Tuesday, driven by an overnight rally in U.S. technology shares. The S&P 500 and Nasdaq Composite both posted back-to-back gains, fueled by strong performances in semiconductor stocks like Nvidia. This surge followed Foxconn’s announcement of record fourth-quarter revenue, boosting optimism across the tech sector. Taiwan Semiconductor Manufacturing Company (TSMC) extended its rally, reaching a new high.
In Japan, the Nikkei 225 led regional advances with a 2.49% gain, while the Topix rose 1.32%. However, shares of Nippon Steel fell 1.39% after the company and U.S. Steel filed a lawsuit against the U.S. government over President Joe Biden’s decision to block Nippon Steel’s $14.9 billion acquisition of the American company. South Korea’s Kospi also saw a 1.02% increase, with Samsung Electronics rising 0.89%, while the smaller Kosdaq index added 0.47%.
Australian markets followed suit, with the S&P/ASX 200 up 0.31% for a fourth consecutive day of gains. Meanwhile, in China, the CSI 300 inched up 0.13%, while Hong Kong’s Hang Seng index dipped 0.57%. Hong Kong tech stocks faced pressure after the U.S. Defense Department labeled Tencent Holdings and CATL as “Chinese military companies.” Tencent’s shares tumbled over 5% during the session, reaching intraday losses as steep as 7.03%.
In the U.S., the tech rally lifted the S&P 500 by 0.55% and the Nasdaq by 1.24%. However, the Dow Jones Industrial Average underperformed, slipping 0.06% and reversing earlier gains.
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