Most Asian stocks fell after US equities declined on Friday and as investors trimmed positions amid uncertainty heading into year-end. The MSCI Asia Pacific Index snapped a five-day gain as shares slipped in Australia and Japan while US futures also declined. Treasury 10-year yields held near the highest levels since May after climbing last week, potentially weighing on shares. Trading was relatively thin due to the holiday season, amplifying potential moves. Trading volumes for Japanese stocks were about 17% below their 30-day average, while those in Australia were about 51% lower as of 1:23pm in Singapore, according to data compiled by Bloomberg. Monday is the last trading day for Japanese financial markets for the year, with public holidays from Tuesday through Jan. 6. While Asian shares are most lower Monday, they are still heading for a successful year. The MSCI Asia Pacific gauge has advanced 7.5% in 2024 as central banks eased monetary policy and tech stocks rallied amid optimism over artificial intelligence. Shares of Jeju Air slid 16% in Seoul to a record low, after one of the carrier’s aircraft crashed on Sunday, causing the death of all but two of the 181 occupants. The stock of its parent AK Holdings Inc. fell 12%. Treasury 10-year yields fell one basis points to 4.62% after climbing to as high as 4.64% last week. Yields have risen since the Federal Reserve earlier this month signaled the likelihood of fewer interest-rate cuts in 2025. The Australian dollar strengthened against all its Group-of-10 peers, climbing from near this year’s low against the greenback as iron ore prices climbed. The Bloomberg Dollar Spot Index was little changed Monday. The gauge has gained more than 7% in 2024, driven by the anticipation of “America First” policies from President-elect Donald Trump. The S&P 500 index slipped 1.1% Friday and the Nasdaq 100 dropped 1.4%. While every major industry group saw losses, tech megacaps bore the brunt of the selling. That’s after a surge that has seen the so-called “Magnificent Seven” account for more than half of the US equity benchmark’s gains in 2024. Jimmy Carter, the 39th president of the United States died Sunday at his home in Plains, Georgia. The US stock market has traditionally closed on the day of presidential funerals. No announcement has been made as of yet by exchange overseers.
In commodities, oil was little changed in quiet year-end trading with the market focused on the outlook for 2025. Crude is heading for a loss this year, with trading confined to a narrow range since mid-October. This year’s rally in US equities has driven the expectations for stocks so high that it may turn out to be the biggest hurdle for further gains in the new year. The bar is even higher for tech stocks, given their gains in 2024. Analysts estimate a nearly 30% earnings growth for the tech sector next year, but its market-cap share of the S&P 500 index implies closer to 40% growth expectations may be embedded in the stocks, according to a Bloomberg Intelligence study.
Nikkei -0.96% Hang Seng +0.07% CSI +0.60% Shanghai +0.32% Shenzen -0.12%
Eur$ 1.0428 CNH 7.3085 CNY 7.2991 JPY 157.92 GBP 1.2586 CHF 0.9018 RUB 104.1806 TRY 35.2812 WTI$ 70.61 +0.01% Gold 2,619 -0.07% BTC 93,660 +0.50% ETH 3,418 +2.25%
S&P -0.21% Nasdaq -0.18% EuroStoxx -0.32% FTSE -0.25% Dax -0.20% SMI -0.21%
Macro :
- Banks Want In on Tether’s Billions in Stablecoin Profits
- Syrian elections may not be held for 4 years, says de facto leader
- Jimmy Carter, Ex-President Who Won Nobel Prize, Dies at 100 (2)
Keep an eye on :
Keep an eye on :
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