Asian stocks echo US rally ahead of inflation data: Markets wrap
tech stocks lifted US and global shares to new highs ahead of inflation data due later Thursday.
Equities in Japan and Australia and futures for Hong Kong stocks all rose, echoing the bullish pulse on Wall Street on Wednesday that led the S&P 500 and Nasdaq 100 each more than 1% higher to records. The S&P 500 has advanced in each of the past seven sessions, its longest winning streak since November, helping propel a gauge of global equities to a record.
The US stock gains reflected a rally in the final minutes of trade that centered upon the likes of Nvidia Corp. and Apple Inc. The iPhone maker said it aims to ship 10% more new devices after a bumpy 2023. Taiwan Semiconductor Manufacturing Co., the sole supplier of Nvidia and Apple’s most advanced chips, said second-quarter sales grew at their fastest pace since 2022.
Treasuries ended Wednesday steady after a strong $39 billion sale of 10-year bonds. Swaps are pricing in two Fed cuts in 2024 — and higher chances of the first coming in September. Australian and New Zealand bonds were little changed in early trading.
An index of dollar strength was little changed after a Wednesday decline. The yen was steady after weakening further against the greenback in the previous session.
In Asia, investors will be looking at any impacts of the China Securities Regulatory Commission’s decision to tighten rules on short selling and high-frequency trades in a bid to crack down on improper arbitrage and maintain market stability.
Meanwhile, as Wall Street gears up for the
