Tuesday, 23 July 2024
Trending
Stock Market

With US and Japanese markets closed; Asian stocks are mostly down

  • Thursday saw a majority decline in shares in Asia following a slight uptick on Wall Street.
  • Thursday is a holiday in both Japan and the US, with closed markets.
  • Oil prices dropped by roughly $1 per barrel after OPEC decision.

Thursday saw a majority decline in shares in Asia following a slight uptick on Wall Street that maintained the market’s trajectory toward a fourth consecutive weekly gain.

Thursday is a holiday in both Japan and the US, with closed markets. Oil prices dropped by roughly $1 per barrel after OPEC decided to postpone its production-cutting meeting until next week.

Asian stocks

The oil cartel has been implementing production cuts to maintain a tight market for crude oil, and it is anticipated that these measures will be extended as oil prices have declined following a summer spike to nearly $100 per barrel.

The Shanghai Composite Index increased by 0.2%, but the Hang Seng in Hong Kong fell by 0.4% to 17,668.99. Greater China markets have been trembling in response to actions taken by Chinese regulators to support the collapsing real estate sector.

A significant portion of the S&P 500’s gains came from stocks in the technology and communications services sector, with Microsoft up 1.3% and Google parent Alphabet adding 1.1%.

Following the announcement on Wednesday of its $69 billion acquisition of VMware, which cleared all regulatory requirements, Broadcom saw a 0.9% decline. Airlines and other businesses that stand to gain from lower fuel costs were helped by a 0.9% decline in oil prices, but energy companies were still negatively impacted.

The trend of positive earnings reports has continued. Department store operator Nordstrom fell 4.6% after lowering its full-year profit forecast, apparel retailer Guess fell 12.3%, and tractor maker Deere fell 3.1% after providing Wall Street with a dismal financial forecast and industry outlook.

A survey of consumer sentiment indicated that confidence is still high, and Treasury yields were comparatively stable.

Related posts
Stock Market

Stock Market Plunges as Government Increases Taxes on Capital Gains and Derivatives Trading

Indian stock markets fell about 1% as the government proposed new tax increases. Consumer and…
Read more
Stock Market

Wall Street Analyst Highlights: Apple, Shopify Upgrades; Doximity Downgrade

Apple upgraded to Buy by Loop Capital with a $300 price target due to its potential in Generative…
Read more
Stock Market

Market Sentiment Cautious Ahead of Union Budget 2024-25

Selling pressure and profit booking ahead of the budget announcement. Rising inflation rates…
Read more
Newsletter
Become a Trendsetter

To get your breaking, trending, latest news immediately without diluting its truthfulness join with worldmagzine immediately.

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Alibaba slashes $20 billion off its market value

Worth reading...