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Global market update: APAC markets lift as US economy cools

Published Dec 06, 2023 12:00
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Investing.com - Asia-Pacific markets started on a positive note on Wednesday, even as US stocks continued to draw back from their late-November surge.

Across the Asia-Pacific, the S&P/ASX 200, KOSPI 200 and Nikkei 225 were up by 0.9%, 0.5% and 1.4% respectively.

US stocks mostly closed lower on Tuesday, with the Dow Jones Industrial Average recording consecutive losses for the first time in nearly a month, while a rally in technology stocks helped the NASDAQ Composite end in the green.

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The S&P 500 fell by 2.60 points, or 0.1%, to 4,567.18. The Dow Jones Industrial Average lost 79.88 points, or 0.2%, closing at 36,124.56. However, the Nasdaq Composite gained 44.42 points, or 0.3%, to end at 14,229.91.

Apple Inc's (NASDAQ:AAPL) gains on Tuesday saw it close with a market capitalization over $3 trillion for the first time since early August. However, Asana Inc (NYSE:ASAN) dropped 6% in extended trading Tuesday after the software company reported quarterly results that failed to meet analyst expectations.

In the commodities market, Brent crude oil fell 1.0% to US$77.22 a barrel, while gold declined by 0.5% to US$2,019.03.

The Australian dollar was at 65.77 US cents, down from the previous close of 66.19 while the US Dollar Index was at 103.95.

In China, shares closed lower as investors remained concerned about the country's economic growth despite recent government-led efforts to support markets. Investors await more monthly economic data due later this week to gauge the health of the world's second-largest economy. In Hong Kong, shares closed lower, in line with losses among Chinese mainland equities markets.

Japanese shares fell, with the Nikkei Stock Average down 1.4% to close at 32775.82, dragged by technology stocks following the overnight drop in the tech-focused Nasdaq Composite. Meanwhile, Indian shares closed higher for a sixth straight session, bucking losses in regional markets as investor sentiment continued to be buoyed by state election results.

In Europe, stocks mostly rose, though losses for miners limited gains amid uncertainty about China's economic outlook. The Stoxx Europe 600 gained 0.4%, the CAC 40 advanced 0.7% and the DAX rallied 0.8%, though the FTSE 100 dropped 0.3% as Fresnillo (LON:FRES), Anglo American (JO:AGLJ), Antofagasta (LON:ANTO), Glencore (LON:GLEN) and other miners fell. Oil shares traded mixed as Brent crude rose 0.3% to $78.25 a barrel.

Global market update: APAC markets lift as US economy cools
 

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