Asian Stock Markets Mixed As Wall Street Hits New Record
Wall Street has continued on its amazing run, adding 0.1% on Monday, with gains for construction-related stocks following the approval of a $1 trillion infrastructure bill boosting the market. However, Asian markets witnessed mixed performances, as Tokyo and Sydney grew while Shanghai, Hong Kong, and Seoul declined saw declines.
Richard Clarida, the deputy chairman of the Federal Reserve, also stated that conditions to raise interest rates might not be in place until late 2022. Consequently, traders are worried a possible spike in inflation might lead to the central banks withdrawing stimulus that boosted stock prices.
“Investors will be on the lookout for any clues that signal an adjustment to central banks’ taper process and rate hikes expectations,” Anderson Alves of ActivTrades said in a report.
The Nikkei 225 in Tokyo rose 0.1% to 29,536.17. However, the Shanghai Composite Index lost 0.1% to 3,493.72, while the Hang Seng in Hong Kong lost 0.1% to 24,732.93. The Kospi in Seoul also lost 0.3% to 2,952.04 with Sydney’s S&P-ASX 200 gaining 0.1% to 7,460.50. Singapore also declined while New Zealand and Jakarta advanced.
On Wall Street, the S&P 500 rose to 4,701.70, setting a record for an eighth day. There was also growth in Dow Jones Industrial Average, rising 0.3% to 36,432.22, with the Nasdaq composite gaining 0.1% to 15,982.36. Some of the top gainers are Vulcan Materials, a leading seller of crushed stone and concrete, rising 4.9%, and Equipment-maker Caterpillar with a 4.1% gain.
Advanced Micro Devices jumped 10.1% for the biggest gain in the S&P 500 after the announcement by Facebook parent company, Meta, that it would use AMD chips in its data centers. The statement might have also contributed to the Chipmaker Nvidia rising 3.5%. Steelmakers and other companies that stand to benefit from increased infrastructure spending also had a rally, with Nucor gaining 3.6%.
In energy markets, benchmark U.S. crude oil fell by 8 cents to $81.85 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the price basis for international oils, also lost 18 cents to $83.25 in London. The dollar fell to 112.89 yen from Monday’s 113.24 yen, with the euro edging down to $1.1586 from $1.1589.
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