Asian stocks under pressure on last trading day of 2024
technology sector extended losses on Wall Street for a third session.
Australian stocks fell about 0.7% in early trade Tuesday, with futures also pointing to a downbeat open in Hong Kong. A gauge of regional equities is set for its first quarterly loss this year. US contracts edged lower in Asia, following declines for both the S&P 500 and the Nasdaq 100.
The Bloomberg Dollar Spot Index was steady and on track for its best year since 2015. Several Asian markets are either shut or open for half day Tuesday, while those in Japan are closed from Tuesday through Jan. 6.
The cautious tone partly reflects lingering concerns about the stamina of Wall Street’s rally this year that was predominantly driven by the so-called Magnificent Seven cohort of US tech giants. It’s also an indication of uncertainties facing investors in 2025, ranging from President-elect Donald Trump’s protectionist policies to the Federal Reserve’s outlook and the health of China’s economy.
“Investors are in wait-and-see mode,” Noel Dixon, senior macro strategist at State Street Corp., told Bloomberg Television. “We don’t know what the retaliatory effects are going to be and how the Fed is ultimately going to react to those tariffs.”
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