Monday, 24 June 2024
Stock Market

Nifty is at 22,400, and the Sensex is up 200 points

  • Asia‘s shares increased as Wall Street recovered from a $2 trillion selloff.
  • Japanese stocks managed to hold their advance.
  • Gold continued to lose value following its largest daily decrease in over two years.

Amid hopes that tech giants will report robust profits this week, Asia’s shares increased as Wall Street recovered from a $2 trillion selloff. Hong Kong indices increased following UBS Group AG’s upgrading of Chinese equities to overweight, citing strong results despite concerns about real estate and the macroeconomy.

Despite the momentary strengthening of the yen versus the dollar following Finance Minister Shunichi Suzuki’s cautions against excessive currency movements, Japanese stocks managed to hold their advance.

Asian stocks

Asia is predicted to have robust earnings growth when compared to other regions, with corporations in China, Taiwan, South Korea, and India driving the rise. Investors will be watching this week to see if artificial intelligence lives up to the high expectations set by the industry, as 180 businesses, or more than 40% of the S&P 500 market value, are scheduled to release their earnings.

After the S&P 500 crossed the 5,000 mark, US equity futures saw minimal movement, but the Nasdaq 100 saw a 1% increase. Before a series of bond auctions that would try investors’ patience after rates reached their peak in 2024, Treasurys were stable in Asia.

The dollar remained stable about its major counterparts, and the markets in the region were relieved by the break in its recent upward trend. A more complete indicator of developing market currencies witnessed increases in four of the last five sessions after hitting a 2024 low last week.

As a result of a report that the governor of China’s central bank wants creditors involved in debt restructurings to reach a consensus on how to equitably divide the burden of relief, attention in Asia has returned to China’s position as a significant lender to developing countries.

Due to a reduction in Middle East tension and indications that the Federal Reserve will maintain higher interest rates for a lengthy period, gold continued to lose value following its largest daily decrease in over two years.

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