Monday, July 15, 2024

Tech Sector Boosts US Markets and Asian Stocks Follow Suit: Market Recap

Asian Equities Surge on Tech Stock Rally and Record Sales Growth: Positive Momentum in Global Markets

Asian equities saw a remarkable surge in value as tech stocks led the charge, lifting global shares to new highs. The rally in Japan, Australia, and China was fueled by a bullish trend on Wall Street, with key players like Taiwan Semiconductor Manufacturing Co. hitting record sales growth and driving the regional stock index higher. The S&P 500 and Nasdaq 100 indexes also set new records, with Apple announcing plans to increase device shipments by 10%.

Markets remain calm despite a deluge of data, including Federal Reserve Chair Powell’s testimony and CPI/PPI reports. Investors are eagerly awaiting the release of core consumer price index (CPI) data for June, which could potentially boost the Fed’s confidence in the inflation trajectory and pave the way for rate cuts starting in September.

In other news, China announced tighter regulations on short selling and high-frequency trades to maintain market stability. The sentiment towards Chinese stocks has soured ahead of the country’s Third Plenum. Federal Reserve Chair Powell emphasized the Fed does not require inflation to fall below 2% before considering rate cuts, signaling a potential shift in risk assessment.

Looking ahead, economic reports in Asia will include consumer confidence data from Thailand and a monetary policy decision in Malaysia. In the commodities market, oil prices rose for the second consecutive day on signs of increasing demand, while gold also saw gains for a third straight day. The outlook for global markets remains optimistic, with key events on the horizon including US CPI data and earnings reports from major financial institutions.

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