Stock Market News

Asian stocks drift higher with China trade, inflation in focus

2024.06.24 22:55

Asian stocks drift higher with China trade, inflation in focus

Investing.com– Asian stocks rose on Tuesday, recovering a measure of recent losses as investors awaited more cues on a potential trade war between China and the West, while upcoming inflation prints were also in focus.

Chinese markets stabilized after three days of steep losses as Chinese and European ministers opened dialogue over import tariffs on Chinese electric vehicles. But sentiment towards the country still remained fragile.

Regional markets took middling cues from Wall Street, which ended largely lower on losses in heavyweight chipmaking stocks. U.S. futures traded sideways in Asian trade.

Focus this week was largely on upcoming data, which is the Federal Reserve’s preferred inflation gauge, and is likely to factor into the outlook for U.S. interest rates. 

Anticipation of the inflation print kept broader Asian markets subdued, while weakness in technology shares also limited overall gains. 

Chinese markets steady, trade tensions in focus 

China’s and indexes rose 0.1% each, while Hong Kong’s index surged nearly 1%. All three indexes had logged steep losses in recent sessions, after Chinese officials warned of a trade war with the EU over new import duties on Chinese EVs.

Chinese ministers were seen engaging in dialogue with German officials over potentially reducing or even lifting the tariffs, which are set to be imposed from July. 

But Canada joined the U.S. and the EU in imposing more tariffs on Chinese EVs, a move that could further sour already strained relations between China and the West. 

Concerns over China have been a key weight on sentiment towards Asia in recent sessions, especially if the country escalates trade tensions with other major economies.

Sentiment towards China was also dented by a Reuters report, which said that the Biden Administration was investigating major Chinese telecom firms over potential security concerns.

More inflation cues awaited

Japan’s index rose 0.5%, although losses in heavyweight tech stocks kept the index trading largely rangebound. 

But the broader index surged 1.4%, boosted by a rebound in economically sensitive stocks.

Focus this week was on upcoming inflation data from Tokyo, which is due this Friday. The reading comes after the minutes of the Bank of Japan’s latest meeting showed some members speculating over an interest rate hike in July.

Weakness in the , which could attract government intervention, also kept sentiment towards Japan on edge.

Among other Asian markets, Australia’s rose 0.9%, boosted by mining stocks on stronger commodity prices. Focus was also on an upcoming from the country, due on Wednesday.

A private survey showed Australian improved slightly in June. 

South Korea’s added 0.4%, with bigger gains being held back by losses in technology stocks.

Futures for India’s index pointed to a flat open, as the index continued to face resistance near recent record highs. 

 



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 103,820.82 1.93%
ethereum
Ethereum (ETH) $ 2,617.05 3.14%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.42 2.05%
bnb
BNB (BNB) $ 655.78 0.92%
solana
Solana (SOL) $ 172.63 1.37%
usd-coin
USDC (USDC) $ 1.00 0.00%
dogecoin
Dogecoin (DOGE) $ 0.228343 1.79%
cardano
Cardano (ADA) $ 0.779383 1.37%
tron
TRON (TRX) $ 0.273804 1.91%
staked-ether
Lido Staked Ether (STETH) $ 2,616.70 3.26%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 103,721.79 1.81%
sui
Sui (SUI) $ 3.89 4.75%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,139.47 2.97%
chainlink
Chainlink (LINK) $ 16.37 1.00%
avalanche-2
Avalanche (AVAX) $ 23.77 0.11%
stellar
Stellar (XLM) $ 0.298109 0.63%
hyperliquid
Hyperliquid (HYPE) $ 26.81 9.48%
shiba-inu
Shiba Inu (SHIB) $ 0.000015 1.01%
hedera-hashgraph
Hedera (HBAR) $ 0.200057 0.46%
leo-token
LEO Token (LEO) $ 8.86 0.55%
bitcoin-cash
Bitcoin Cash (BCH) $ 398.50 1.77%
the-open-network
Toncoin (TON) $ 3.14 2.05%
litecoin
Litecoin (LTC) $ 100.36 3.22%
polkadot
Polkadot (DOT) $ 4.90 2.80%
weth
WETH (WETH) $ 2,618.86 3.05%
usds
USDS (USDS) $ 1.00 0.01%
monero
Monero (XMR) $ 341.09 1.51%
pi-network
Pi Network (PI) $ 0.869091 0.93%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,789.28 2.96%
bitget-token
Bitget Token (BGB) $ 5.02 3.44%
pepe
Pepe (PEPE) $ 0.000013 0.06%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.997248 0.29%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.02%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 103,719.79 1.74%
whitebit
WhiteBIT Coin (WBT) $ 30.22 0.18%
bittensor
Bittensor (TAO) $ 439.69 3.93%
uniswap
Uniswap (UNI) $ 6.36 0.36%
aave
Aave (AAVE) $ 243.37 7.42%
dai
Dai (DAI) $ 1.00 0.03%
near
NEAR Protocol (NEAR) $ 2.95 2.55%
aptos
Aptos (APT) $ 5.40 1.96%
okb
OKB (OKB) $ 53.90 0.24%
kaspa
Kaspa (KAS) $ 0.121231 7.29%
ondo-finance
Ondo (ONDO) $ 0.994109 2.73%
jito-staked-sol
Jito Staked SOL (JITOSOL) $ 207.45 1.34%
internet-computer
Internet Computer (ICP) $ 5.50 0.77%
ethereum-classic
Ethereum Classic (ETC) $ 19.34 1.14%
crypto-com-chain
Cronos (CRO) $ 0.100887 3.29%
tokenize-xchange
Tokenize Xchange (TKX) $ 35.98 1.69%