Asian stock markets opened higher on Friday (August 8), marking a fifth consecutive day of gains. The market's performance was supported by Japanese technology stocks, particularly Sony and SoftBank, which surged after reporting strong financial results. The MSCI Asia Pacific Index rose 0.5%, while the Nikkei 225 jumped 1.3%. US stock futures also edged higher.
Meanwhile, the US dollar weakened for the sixth consecutive day, recording its longest losing streak since March 2024. The yen briefly strengthened before recovering after Japan and the US agreed to end the universal tariff policy and simultaneously cut car duties. This condition added to positive sentiment in Asian markets, which are heading for their best week since June.
Market optimism was also driven by hopes of an interest rate cut by the Fed and improving corporate earnings. However, some analysts warned of the risk of a near-term correction due to already high US stock valuations. Autumn, particularly August and September, is known to be a less favorable period for the S&P 500 index.
On the other hand, economic data showed that US continuing jobless claims rose to their highest level since November 2021. Meanwhile, President Trump announced that he would appoint Stephen Miran as an interim Fed governor and is considering him as a possible replacement for Jerome Powell in May. Miran is expected to support low interest rates, but will not push for a rate cut unless economic data supports it.
Key Points:
Asian markets rise, MSCI Asia Pacific +0.5%, Nikkei +1.3%
Dollar weakens for 6 straight days, longest streak since March 2024
Fed rate cut hopes boost positive sentiment
High valuations and autumn trigger correction concerns on Wall Street
US jobless claims rise, labor market pressures increase
Trump names Stephen Miran as Fed governor nominee.
Source: Newsmaker.id
US stocks recovered from sharp early losses on Friday (November 14th), but closed flat to lower as investors bought back major technology stocks and reassessed the likelihood of a December interest ra...
US stocks moved lower on Friday, with the S&P 500 down 1% and the Nasdaq falling 1.6%, both hitting one-month lows, while the Dow Jones dropped about 400 points. The tech sector remained under he...
Gauges in Japan, South Korea and Australia all opened weaker, even as an index of the region was poised for its third gain in four weeks. The S&P 500 closed 1.7% lower while the Nas...
US stocks plunged on Thursday (November 13), with the S&P 500 falling 1.5%, the Nasdaq 1.9%, and the Dow Jones Industrial Average returning to a record high after a 1.5% decline amid a selloff in ...
Both the STOXX 50 and STOXX 600 reversed early gains and closed down 0.6% and 0.8%, respectively, on Thursday, retreating from new record highs reached earlier in the session amid downbeat corporate r...
US stocks recovered from sharp early losses on Friday (November 14th), but closed flat to lower as investors bought back major technology stocks and reassessed the likelihood of a December interest rate cut. This left the S&P 500 and Nasdaq 100...
Oil prices rose more than 2% on Friday (November 14th) as the Russian port of Novorossiisk halted oil exports following a Ukrainian drone attack on an oil depot in the Russian energy hub, sparking supply concerns. Brent crude futures closed up...
Gold prices fell 3% on Friday (November 14th) due to a broader market sell-off, triggered by hawkish remarks from US Federal Reserve officials, which dimmed hopes of a December interest rate cut. Spot gold prices fell 1.9% to $4,092.72 an ounce,...
Fed increasingly fractured over Dec rate cut
Federal Reserve officials are growing increasingly fractured over whether to cut interest rates in...
Asia-Pacific markets mostly rose Thursday, following mixed trading on Wall Street as investors kept an eye on the U.S. government, which appeared...
Both the STOXX 50 and STOXX 600 reversed early gains and closed down 0.6% and 0.8%, respectively, on Thursday, retreating from new record highs...
European equities extended gains for a fourth consecutive session on Thursday, with both the STOXX 50 and the STOXX 600 rising nearly 0.2% to fresh...