Global Markets:
- Asian Stock Markets : Nikkei up 0.97%, Shanghai Composite down 0.18%, Hang Seng down 0.13%, ASX up 0.20%
- Commodities : Gold at $1941.45 (-0.43%), Silver at $23.25 (-0.58%), Brent Oil at $90.86 (0.23%), WTI Oil at $87.59 (0.34%)
- Rates : US 10-year yield at 4.293, UK 10-year yield at 4.529, Germany 10-year yield at 2.635
News & Data:
- (NZD) Visitor Arrivals m/m 19.8% vs 11.3% expected
Markets Update:
On Tuesday, most Asia-Pacific markets saw declines following a tech-driven surge on Wall Street, primarily led by Tesla and Qualcomm. Tesla’s stock rose by 10%, driven by an upgrade from Morgan Stanley and bullish predictions due to advancements in its autonomous software. Qualcomm’s shares also increased by nearly 4% after securing a deal to supply Apple with 5G modems until 2026. Investor sentiment received a boost from reports suggesting the Federal Reserve’s consensus not to raise interest rates at the next meeting.
In Hong Kong, the Hang Seng index experienced slight losses, while real estate developer Country Garden Holdings’ shares surged by up to 8.7% after creditors voted to extend repayments on six onshore bonds. Mainland Chinese stocks remained relatively stable, with the CSI 300 index holding just above the flat line.
Australia’s S&P/ASX 200 index traded flat, with an improvement in the country’s business confidence survey for August, rising from +1 in July to +2. South Korea’s Kospi index slipped by 0.52%, and the Kosdaq was down by 0.97%.
Japan’s markets had a more positive outlook, with the Nikkei 225 index up by 0.97%, and the Topix index gaining 0.36%. These gains reflected a broader trend of tech-driven optimism from Wall Street influencing Asian markets.
Overnight in the United States, all three major indexes recorded gains, primarily driven by the tech sector. The Nasdaq Composite surged by 1.14%, the S&P 500 gained 0.67%, and the Dow Jones Industrial Average rose by 0.25%, with support from an increase in Walt Disney shares. This tech rally in the U.S. seemed to set a positive tone for Asian markets, despite minor setbacks in some areas.
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