Wednesday, 24 July 2024
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Stock Market

Asian stocks fluctuate in value following Wall Street’s close to a record closing

  • Asian markets were trading neutral on Monday.
  • The Chinese yuan dropped to a four-month low against the US dollar, trading at 7.2282.
  • The S&P 500 closed at 5,234.18, down 0.1% from its all-time high.

As investors anticipated more clues about potential interest rate reduction from the Federal Reserve,Asian markets were trading neutral on Monday.

The Shanghai Composite increased by 0.4% to 3,061.36, the Hang Seng in Hong Kong increased by 0.5% to 16,584.22, and the Nikkei 225 in Japan fell by 0.7% to 40,619.40.

Asian stocks

The Chinese yuan dropped to a four-month low against the US dollar, trading at 7.2282. South Korea’s Kospi fell 0.5% to 2,735.46, while Australia‘s S&P/ASX 200 gained 0.6% to 7,813.70.

A senior financial official in Japan voiced concerns about the recent increase in the value of the US dollar relative to the Japanese yen, which stoked talk of potential market intervention.

Last week, the Bank of Japan hiked a key interest rate to just above zero from below zero, or negative interest rates, for the first time in seventeen years. While the Dow Jones Industrial Average dropped 0.8% to 39,475.90 and the Nasdaq composite increased 0.2% to 16,428.82, the S&P 500 closed at 5,234.18, down 0.1% from its all-time high.

The yields on US Treasury bonds declined in the bond market, and if inflation continues to decline, the US Federal Reserve may lower interest rates three times this year.

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