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Global stock markets show mixed performances on Tuesday
(MENAFN) Asian stock markets exhibited a mixed performance on Tuesday, following another record-breaking session on Wall Street. Notably, Hong Kong's benchmark index suffered a decline of over 4 percent. While U.S. futures showed slight gains, oil prices saw a significant drop of more than USD3 a barrel.
The Shanghai Composite index fell by 2.5 percent, settling at 3,201.29, while the Hang Seng index in Hong Kong dropped 4.4 percent, closing at 20,166.88. Recent dismal figures regarding lending and pricing have weakened market sentiment, which was already fragile as investors anxiously awaited updates on potential government stimulus plans aimed at revitalizing the economy. Yeap Jun Rong of IG remarked that market participants are actively seeking clarity on fiscal stimulus support from Chinese authorities, noting that the ongoing lack of commitment is creating hesitation for investors in the Chinese equity market.
In contrast, Japan's Nikkei 225 index posted a gain of 0.8 percent, finishing at 39,910.55, while South Korea's Kospi index also saw a modest rise of 0.4 percent, closing at 2,633.45. Additionally, the S&P/ASX 200 in Australia increased by 0.8 percent, reaching 8,318.40. These gains in Japan and South Korea reflect a more optimistic outlook among investors in those markets, even as concerns about China’s economic performance weigh heavily on the broader Asian market sentiment. Meanwhile, in currency markets, the U.S. dollar weakened against the Japanese yen, trading at 149.22 yen compared to the previous 149.83 yen, and the euro fell slightly to USD1.0894 from USD1.0911.
The decline in oil prices continued to impact investor sentiment, with U.S. benchmark crude falling by USD3.05 to USD70.78 per barrel, while Brent crude dropped USD3.16 to USD74.30 per barrel. This decrease in oil prices reflects a broader trend affecting commodities that would typically see increased demand in a healthy Chinese economy, such as copper and other raw materials.
On the U.S. side, Wall Street reached new all-time highs on Monday, with the S&P 500 climbing 0.8 percent to finish at 5,859.85, marking its fifth consecutive week of gains and positioning it for its longest winning streak of the year. The Dow Jones Industrial Average also increased by 0.5 percent, closing at 43,065.22, while the Nasdaq composite rose 0.9 percent to 18,502.69.
The Shanghai Composite index fell by 2.5 percent, settling at 3,201.29, while the Hang Seng index in Hong Kong dropped 4.4 percent, closing at 20,166.88. Recent dismal figures regarding lending and pricing have weakened market sentiment, which was already fragile as investors anxiously awaited updates on potential government stimulus plans aimed at revitalizing the economy. Yeap Jun Rong of IG remarked that market participants are actively seeking clarity on fiscal stimulus support from Chinese authorities, noting that the ongoing lack of commitment is creating hesitation for investors in the Chinese equity market.
In contrast, Japan's Nikkei 225 index posted a gain of 0.8 percent, finishing at 39,910.55, while South Korea's Kospi index also saw a modest rise of 0.4 percent, closing at 2,633.45. Additionally, the S&P/ASX 200 in Australia increased by 0.8 percent, reaching 8,318.40. These gains in Japan and South Korea reflect a more optimistic outlook among investors in those markets, even as concerns about China’s economic performance weigh heavily on the broader Asian market sentiment. Meanwhile, in currency markets, the U.S. dollar weakened against the Japanese yen, trading at 149.22 yen compared to the previous 149.83 yen, and the euro fell slightly to USD1.0894 from USD1.0911.
The decline in oil prices continued to impact investor sentiment, with U.S. benchmark crude falling by USD3.05 to USD70.78 per barrel, while Brent crude dropped USD3.16 to USD74.30 per barrel. This decrease in oil prices reflects a broader trend affecting commodities that would typically see increased demand in a healthy Chinese economy, such as copper and other raw materials.
On the U.S. side, Wall Street reached new all-time highs on Monday, with the S&P 500 climbing 0.8 percent to finish at 5,859.85, marking its fifth consecutive week of gains and positioning it for its longest winning streak of the year. The Dow Jones Industrial Average also increased by 0.5 percent, closing at 43,065.22, while the Nasdaq composite rose 0.9 percent to 18,502.69.
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