403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
Asian stocks surge as US tech giants counter oil declines
(MENAFN) Asian shares mostly rose on Tuesday following a broad increase in U.S. stocks, where gains in major technology companies helped counteract declines in oil and gas stocks. Japan's NIKKEI 225 index rose by 0.8 percent, closing at 38,903.68. Australia's S&P/ASX 200 gained 0.3 percent to reach 8,249.20, while South Korea's Kospi added 0.2 percent to finish at 2,617.80. In Hong Kong, the Hang Seng index edged up 0.2 percent to 20,648.51, but the Shanghai Composite slipped by 1.1 percent to 3,286.41.
In Japan, the government reported a decline in unemployment to 2.4 percent last month, reflecting a 0.1 percentage point improvement and marking the second consecutive month of recovery. The persistently weak yen has contributed to the support of Japanese stocks. In currency markets, the U.S. dollar dipped to 153.06 yen from 153.23 yen, while the euro decreased slightly to USD1.0813 from USD1.0817.
On Wall Street, the S&P 500 increased by 0.3 percent, rebounding from its first losing week in seven but remaining near its all-time high reached earlier this month. The Dow Jones Industrial Average rose 0.6 percent, and the Nasdaq composite also finished up by 0.3 percent, coming within 0.4 percent of its all-time high set in July. Major tech stocks, including Apple and Meta Platforms, were instrumental in driving these gains. Five of the “Magnificent Seven” tech giants are scheduled to report their earnings this week, as these companies' performances can significantly influence the S&P 500.
Conversely, stocks in the oil and gas sector faced declines due to falling oil prices, with Exxon Mobil decreasing by 0.5 percent and ConocoPhillips dropping by 1.2 percent. In energy trading on Tuesday, benchmark U.S. crude fell by 18 cents to USD67.20 a barrel, while Brent crude, the international benchmark, declined by 16 cents to USD71.26 a barrel.
In Japan, the government reported a decline in unemployment to 2.4 percent last month, reflecting a 0.1 percentage point improvement and marking the second consecutive month of recovery. The persistently weak yen has contributed to the support of Japanese stocks. In currency markets, the U.S. dollar dipped to 153.06 yen from 153.23 yen, while the euro decreased slightly to USD1.0813 from USD1.0817.
On Wall Street, the S&P 500 increased by 0.3 percent, rebounding from its first losing week in seven but remaining near its all-time high reached earlier this month. The Dow Jones Industrial Average rose 0.6 percent, and the Nasdaq composite also finished up by 0.3 percent, coming within 0.4 percent of its all-time high set in July. Major tech stocks, including Apple and Meta Platforms, were instrumental in driving these gains. Five of the “Magnificent Seven” tech giants are scheduled to report their earnings this week, as these companies' performances can significantly influence the S&P 500.
Conversely, stocks in the oil and gas sector faced declines due to falling oil prices, with Exxon Mobil decreasing by 0.5 percent and ConocoPhillips dropping by 1.2 percent. In energy trading on Tuesday, benchmark U.S. crude fell by 18 cents to USD67.20 a barrel, while Brent crude, the international benchmark, declined by 16 cents to USD71.26 a barrel.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Comments
No comment