Asian stocks rise on Wall Street optimism; Eyes on Fed & economic data
A Wall Street sign is pictured outside the New York Stock Exchange in New York City
Asian stocks opened higher today, buoyed by gains on Wall Street.
Japan’s Nikkei 225 rose 1 per cent, while South Korea’s Kospi climbed 0.3 per cent, driven by an increase in Samsung electronics despite ongoing union strikes.
Hong Kong’s Hang Seng index futures were slightly up, reflecting cautious optimism in the region.
In the US, the S&P 500 and NASDAQ composite closed at all-time highs on Monday.
The S&P 500 gained 0.1 per cent and the NASDAQ rose 0.3 per cent, driven by easing inflation pressures and investor optimism about the Federal Reserve's potential policy easing.
However, the Dow Jones industrial average dipped 0.1 per cent, indicating some market caution.
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Crude oil prices fell to a one-week low this morning. Brent futures settled around 85 per dollar barrel, as Hurricane Beryl disrupted US Gulf Coast refineries and ports.
Analysts noted that hedging activities ahead of the storm were unwound, contributing to the price drop.
Additionally, hopes for a Gaza ceasefire added to the downward pressure on oil prices.
Gold prices also fell by more than 1 per cent in the previous session due to profit-taking after a previous rally and a shift towards riskier equities.
The precious metal’s decline followed investor speculation about potential US Federal Reserve interest rate cuts in September.
This week, markets will be closely monitoring Federal Reserve Chair Jerome Powell’s testimony before Congress, key inflation data with the June consumer price index on Thursday, and the producer price index on Friday.
Earnings reports from PepsiCo, Delta Air Lines, Citigroup, and JPMorgan Chase will also be pivotal in gauging market sentiment and economic health.
