Bangkok, Thailand – Stocks across Asia showed a mostly positive trend on Tuesday following a rally in U.S. markets, driven by the gains in technology companies. While U.S. futures remained steady, oil prices experienced a decline. Notable economic reports for the week include updates on U.S. retail spending and business activity in the country. American markets will be closed on Wednesday in observance of the Juneteenth holiday.
In Tokyo, the Nikkei 225 index rose by 0.9% to 38,441.90. Toyota Motor Corp., a significant player in the market, saw a 0.6% increase after shareholders rejected a proposal to remove Akio Toyoda, the grandson of the automaker’s founder, from his position as chairman. However, Hong Kong’s Hang Seng index decreased by 0.2% to 17,903.06, while the Shanghai Composite index in China increased by 0.4% to 3,026.61. South Korea’s Kospi also saw gains, rising by 0.8% to 2,766.22.
In Sydney, the S&P/ASX 200 index jumped by 1% to 7,776.20 after the Reserve Bank of Australia decided to maintain its key interest rate. The bank highlighted concerns about persistently low inflation and weak economic activity, including slow GDP growth and rising unemployment rates. India’s Sensex also experienced a 0.4% increase, reaching 77,291.77.
On Wall Street, U.S. stocks reached new records with technology companies driving the market higher. The S&P 500 rose by 0.8%, surpassing its previous all-time high, closing at 5,473.23. The Dow gained 0.5%, reaching 38,778.10, while the Nasdaq composite increased by 1% to 17,857.02. Companies like Autodesk and Broadcom saw significant gains, with Autodesk jumping by 6.5% and Broadcom by 5.4%.
Despite the positive market performance, rising Treasury yields added some pressure, impacting stock market activity. The Federal Reserve’s actions regarding interest rates remain a point of interest for investors. High-interest rates can affect various investments, particularly utilities, which saw a 1.1% decline on Monday. GameStop, a previously volatile stock, experienced a 12.1% drop following its annual shareholder meeting.
In the oil market, U.S. benchmark crude oil prices fell by 17 cents to $80.19 per barrel, while Brent crude decreased by 30 cents to $84.19 per barrel. The dollar strengthened against the Japanese yen, trading at 157.59 yen from 156.38 yen. The euro was also up, trading at $1.0724 from $1.0702.
Investors will continue to monitor market developments closely, considering a range of factors impacting global economies and financial markets moving forward. Additional updates and insights on market trends and economic indicators are expected as the week progresses.