📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Asian stocks follow Wall Street's rise; eyes on Australia rate decision

Published 18/06/2024, 01:06 pm
© Reuters.
AXJO
-
JP225
-
LCO
-
CL
-

Investing.com - Asian stocks mirrored Wall Street's upward trajectory on Tuesday ahead of a series of speeches by Federal Reserve officials set for later in the day, while the Australian dollar remained steady and the S&P/ASX 200 climbed in anticipation of the country's upcoming interest rate decision.

Easing concerns over political instability in Europe further uplifted the market mood, leading Euro Stoxx 50 Futures to rise by 0.6%, effectively reversing some of last week's significant losses. Similarly, FTSE 100 Futures saw a 0.43% increase.

⚠️RELIABLE BIG DATA + AI = STOCK MARKET SUCCESS! Join InvestingPro to equip yourself with professional tools and follow our AI-managed strategies to boost your stock portfolio and know which stocks to buy, no matter the market conditions! CLICK HERE to take advantage and accelerate your investments!⚠️

The primary focus in the Asian trading hours on Tuesday was the Reserve Bank of Australia's (RBA) policy decision. The consensus is that the central bank will hold steady on rates. However, the spotlight will be on any forward guidance hinting at a potential easing cycle in Australia.

Elsewhere, the MSCI's broadest index of Asia-Pacific shares outside Japan rose by 0.68%, buoyed by an overnight rally on Wall Street.

Japan's Nikkei 225 advanced 0.83%, Hong Kong's Hang Seng edged up by 0.14%, and Chinese blue-chips ticked up by 0.17%.

Central banks in Norway, the UK, and Switzerland are set to meet this week, with expectations for the first two to hold steady on rates and for the Swiss National Bank to implement another 25 basis points of easing.

In the US, a flurry of Fed speakers are slated for Tuesday, potentially providing further insights into the US interest rate outlook following last week's policy decision. Currently, futures indicate approximately 45 basis points worth of Fed cuts priced in for the remainder of 2024.

In currency markets, the euro dipped slightly to $1.0729, while sterling rose 0.04% to $1.27105. China's onshore yuan remained near a seven-month low at 7.2554 per dollar, influenced in part by mixed economic data on Monday.

In commodities, oil prices edged higher due to a more robust demand outlook and investor confidence that OPEC+ producers might pause or reverse plans to increase supplies starting in Q4 2024. Brent crude futures were up 0.11% at $84.34 per barrel, while U.S. West Texas Intermediate crude futures solidified at $80.34 a barrel. Spot gold edged 0.13% higher to $2,321.99 an ounce.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.