Asian stocks were mixed on Tuesday as investors grappled with weak economic data from China and awaited the outcome of a Communist Party policy meeting in Beijing.
US futures rose while oil prices fell.
Japan’s benchmark Nikkei 225 index rose 0.6% to 41,399.72 points after reopening from a holiday.
Hong Kong’s Hang Seng Index fell 1.5% to 17,747.65 points, and the Shanghai Composite Index fell 0.4% to 2,963.25 points.
The markets were still digesting the group. Weaker economic data BEIJING – China released economic data on Monday, when the government announced that annual economic growth fell from 5.3% in the first quarter to 4.7% in the third quarter from April to June.
This has prompted some economists to cut their growth forecasts. Goldman Sachs revised its forecast for China’s annual economic growth to 4.9% from a previous estimate of 5.0%. JPMorgan lowered its forecast for China’s GDP growth in 2024 to 4.7% from a previous estimate of 5.2%.
Other policies are expected to be released this week. Four-day economic meetingBEIJING – A closed-door meeting of the ruling Communist Party is expected to set strategies and policies for the next decade, in line with leader Xi Jinping’s efforts to advance future technologies.
South Korea’s Kospi rose 0.3% to 2,869.15, while Australia’s S&P/ASX 200 fell 0.1% to 8,011.10.
On Monday, Wall Street Keep the momentum going It’s up.
The S&P 500 rose 0.3% to 5,631.22, closing just shy of the all-time high it hit last week. The index notched its 10th straight week of gains in the past 12, largely supported by expectations that Inflation is slowing down enough to convince The Federal Reserve eases interest rates almost.
The Dow Jones Industrial Average rose 0.5% to 40,211.72 points and set its own record, while the Nasdaq Composite added 0.4% to 18,472.57 points and finished just short of its high.
Some of the areas that performed best in the market were those that performed best when former President Donald Trump’s chances of being elected became better. Trump Media and Technology GroupShares of Truth Social, the company behind Trump’s Truth Social platform, surged 31.4%. Bitcoin surged above $64,000 after Trump portrayed himself as a “businessman.” Cryptocurrency Friendly Filtersurvived Assassination attempt during the Weekend.
Trump could get an immediate boost in his poll support, as President Ronald Reagan did in 1981, according to Isaac Boltansky, director of policy research at BTIG, and “Trump’s challenge in the wake of the attack The defining image of this election cycle may be:“.”
Yields on longer-dated Treasuries also rose relative to yields on shorter-dated Treasuries, with the yield on the 10-year Treasury note rising to 4.22% from 4.19% late Friday. Something similar happened after oil prices fell last month. debate Between Trump and President Joe Biden, as traders play in anticipation of a Republican victory in November, which could ultimately mean policies that would US government debt hike.
Large financial stocks, which could benefit from a Republican administration’s regulatory easing, also helped lead the market. JPMorgan Chase rose 2.5% and was one of the strongest forces pushing the S&P 500 higher.
Goldman Sachs shares rose 2.6% after reporting earnings Stronger Q4 Earnings, Revenue Than Analysts ExpectedBlackRock, the asset manager behind the iShares exchange-traded funds, fell 0.6% after it beat expectations on earnings but came in slightly below revenue.
for about a yearThe Federal Reserve has kept its key interest rates at their highest level in more than two decades. Cutting rates would ease pressures on the economy from the high cost of borrowing money. Buying homescars, or anything on credit cardsHowever, Federal Reserve officials, I have been saying They want to see “more good data” on inflation before making any move.
In remarks to the Economic Club of Washington, Federal Reserve Chairman Jerome Powell said: once again Obama will not send any signals on Monday about when the Fed will cut interest rates. But he also said that Fed officials are aware of the risks of waiting too long or too little. Late cuts could push the U.S. economy into recession, while too much could allow inflation to accelerate again.
In other trading, the price of benchmark U.S. crude oil fell 23 cents to $81.68 a barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the global benchmark, fell 21 cents to $84.64 a barrel.
The US dollar rose to 158.56 Japanese yen from 158.01 yen, and the euro fell to $1.0891 from $1.0894.
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Associated Press business writer Stan Choi contributed.
