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Global market update: APAC markets ease, Bitcoin surges

EditorOliver Gray
Published 29/02/2024, 11:58 am
Updated 29/02/2024, 11:58 am
© Reuters.

Investing.com - Asia-Pacific shares retreated slightly on Thursday, following the trend set by major US benchmarks which closed lower on Wednesday. However, Bitcoin experienced a surge in value.

By 11:40 am AEDT (12:40 am GMT), the S&P/ASX 200, KOSPI 200, and Nikkei 225 were each trading 0.1%, 0.3% and 0.6% lower respectively.

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US stocks witnessed a decline as investors await crucial inflation data due tomorrow. The NASDAQ Composite, the S&P 500, and the Dow Jones Industrial Average all experienced losses. In the commodity markets, Brent crude oil saw a slight dip, while gold experienced a minor increase.

In local bond markets, the yield on Australian 2 Year government bonds remained unchanged, while the 10 Year yield increased. US Treasury notes saw a decrease, with both the 2 Year and 10 Year yields falling. The Australian dollar dropped to 64.94 US cents from its previous close of 65.43.

In Asia, Chinese shares closed lower due to potential profit-taking after most sessions saw gains following the Lunar New Year holidays. Investors are now turning their attention to China's National People's Congress starting next week. Meanwhile, Hong Kong's Hang Seng Index fell amid concerns surrounding Chinese property. Japanese stocks also saw a decline due to profit-taking after recent record highs, while India's benchmark Sensex fell significantly.

European stocks experienced a decline with the Stoxx Europe 600 falling slightly. The FTSE 100 also dropped to a 12-day low. However, some European stocks remained steady.

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