Tuesday 7th January 2025: Asia-Pacific Markets Climb Amid Global Tech Rally

Global Markets:

•  Asian Stock Markets : Nikkei down 2.11%, Shanghai Composite up 0.11%, Hang Seng down 1.82% ASX up 0.34%
• Commodities : Gold at $2654.35 (0.26%), Silver at $30.64 (0.38%), Brent Oil at $76.29 (-0.16%), WTI Oil at $73.46 (-0.15%)
• Rates : US 10-year yield at 4.610, UK 10-year yield at 4.6090, Germany 10-year yield at 2.4475

News & Data:

• (USD) Factory orders m/m  -0.4% vs -0.3% expected
• (USD) Final Services PMI 56.8 vs 58.5 expected

Markets Update:

Asia-Pacific markets climbed on Tuesday, driven by an overnight rally in U.S. technology shares. The S&P 500 and Nasdaq Composite both posted back-to-back gains, fueled by strong performances in semiconductor stocks like Nvidia. This surge followed Foxconn’s announcement of record fourth-quarter revenue, boosting optimism across the tech sector. Taiwan Semiconductor Manufacturing Company (TSMC) extended its rally, reaching a new high.

In Japan, the Nikkei 225 led regional advances with a 2.49% gain, while the Topix rose 1.32%. However, shares of Nippon Steel fell 1.39% after the company and U.S. Steel filed a lawsuit against the U.S. government over President Joe Biden’s decision to block Nippon Steel’s $14.9 billion acquisition of the American company. South Korea’s Kospi also saw a 1.02% increase, with Samsung Electronics rising 0.89%, while the smaller Kosdaq index added 0.47%.

Australian markets followed suit, with the S&P/ASX 200 up 0.31% for a fourth consecutive day of gains. Meanwhile, in China, the CSI 300 inched up 0.13%, while Hong Kong’s Hang Seng index dipped 0.57%. Hong Kong tech stocks faced pressure after the U.S. Defense Department labeled Tencent Holdings and CATL as “Chinese military companies.” Tencent’s shares tumbled over 5% during the session, reaching intraday losses as steep as 7.03%.

In the U.S., the tech rally lifted the S&P 500 by 0.55% and the Nasdaq by 1.24%. However, the Dow Jones Industrial Average underperformed, slipping 0.06% and reversing earlier gains.

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The post Tuesday 7th January 2025: Asia-Pacific Markets Climb Amid Global Tech Rally first appeared on IC Markets | Official Blog.