Asian stocks rose in thin pre-holiday trading, driven by a rally in tech firms after some of the world’s largest technology companies boosted US benchmarks on Monday. Shares in Mainland China and Hong Kong were among the best performers, while those in Japan were mixed. Taiwan Semiconductor Manufacturing Co. shares touched a new record high, while Honda Motor Co. jumped after announcing a share buyback. US equity futures steadied in Asia after a gauge of the “Magnificent Seven” technology megacaps climbed on Wall Street. MSCI’s Asian equity benchmark is still headed for its first quarterly loss since September 2023, losing 6.8% over the period, even as the S&P 500 has risen 3.7%. Sentiment has soured in Asia in recent months due to concerns over higher global tariffs threatened by US President-elect Donald Trump, a stronger dollar and China’s lackluster economic recovery. Nissan Motor Co. shares slid as much as 7.3% in Tokyo after the company confirmed it’s in talks with Honda over a possible business integration. Honda climbed as much as 14% after saying it will buy back as much as ¥1.1 trillion ($7 billion) of its stock. TSMC rose as much as 1.4% in Taipei, briefly surpassing its Nov. 8 peak, after gains in US chip stocks including key customer Nvidia Corp. The shares are now up more than 80% this year amid enthusiasm for artificial intelligence trades. Overall, Tuesday’s session was relatively quiet, with trading in markets including Australia, Hong Kong and Singapore shortened for Christmas Eve. Most markets will be closed Wednesday except mainland China and Japan. Treasuries were little changed in Asia, while Bloomberg’s gauge of the dollar edged higher. The yen swung to a gain after Japanese finance minister Katsunobu Kato warned about excessive foreign-exchange moves. The yen remains at risk of further losses with Bank of Japan Governor Kazuo Ueda due to deliver a speech Wednesday and the central bank releasing more details of last week’s policy meeting Friday. South Korea data published Tuesday showed consumer confidence dropped this month by the most since the outbreak of Covid-19, battered by the political turmoil triggered by President Yoon Suk Yeol’s declaration of martial law and his impeachment. On Wall Street, the S&P 500 closed up 0.7% and the Nasdaq 100 rose 1%, while a gauge of US-listed Chinese shares gained 0.9%. The S&P 500 is on its way to record a stellar annual return and back-to-back years of more than 20% gains. The index has risen about 25% since the end of 2023, with the top seven biggest technology stocks accounting for more than half of the advance. Oil climbed in thin trading ahead of the holidays after a three-day selloff, with focus on a strengthening dollar and President-elect Donald Trump’s roiling of international politics. Gold edged higher. US After Hours INSW +7.2% gaining on S&P SmallCap 600 inclusion; LMNR -4.8% down on earnings.
Nikkei -0.32% Hang Seng +1.08% CSI +1.28% Shanghai +1.26% Shenzen +1.07%
Eur$ CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH
S&P +0.3% Nasdaq +0.06% EuroStoxx / FTSE +0.54%
Macro :
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Keep an eye on :
Keep an eye on :
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- RIO LN : Arcadium Lithium Gains on Holder Approval of Rio Tinto Purchase
- UCG IM : Italy Demands Full Disclosure From UniCredit Over BPM Bid: Rtrs
- X US : Nippon Steel Confirms CFIUS Referred US Steel Decision to Biden