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Global market update: APAC markets mixed, US tech stocks boost sentiment

Published Dec 08, 2023 11:16
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Investing.com - Asian Pacific markets kicked off Friday in mixed fashion, following a tech-led surge propelling US benchmarks higher overnight.

The ASX 200 and Nikkei 225 declined by 0.4% and 1.2% respectively, while the KOSPI 200 lifted 0.8% drop by 11:30 AEDT (12:30 GMT) on Friday.

In contrast, major indices in the US closed higher on Thursday, with the equity rally bringing the Dow Jones Industrial Average less than 2% away from its last record finish. The Dow Jones gained approximately 63 points or 0.2%, closing near 36,117. If this upward trend continues, it could surpass its January 4, 2022 closing record of 36,799.65.

The S&P 500 index ended 0.8% higher, while the Nasdaq Composite Index saw an impressive 1.4% gain.

Leading the broader market rally were shares of giant tech companies. Alphabet (NASDAQ:GOOGL) rose 5.3% following the announcement of its new AI system set for release early next year, while Advanced Micro Devices (NASDAQ:AMD) shot up 9.9% after revealing that Microsoft (NASDAQ:MSFT), Meta Platforms, and Oracle (NYSE:ORCL) are adopting or planning to adopt its new AI chips.

Stocks continued their sharp rally from last month, fueled by a significant drop in rates used to finance the economy. While the 10-year Treasury yields edged up to 4.129% on Thursday, they remained well below their 5% peak in October.

Investors are eagerly awaiting November's jobs report for signs that the labor market continues to ease, which would assist the Federal Reserve in its efforts to reduce inflation towards its 2% yearly target.

In commodity markets, Brent crude oil rose 0.2% to US$74.43 a barrel while gold was up 0.2% to US$2,028.69.

Chinese shares ended lower, with auto-related stocks dragging the market down. In contrast, Hong Kong shares closed lower after Moody's lowered its outlook on the city to negative from stable. The Nikkei Stock Average in Japan slipped 1.8%, tracking Wall Street's losses overnight. Indian shares ended their seven-session winning streak, with the benchmark Sensex falling 0.2% to 69521.69.

In Europe, the pan-European Stoxx Europe 600 index closed 0.3% lower at 468.78, while the U.K.'s FTSE 100 managed to remain flat, thanks to gains in heavyweight mining stocks.

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Global market update: APAC markets mixed, US tech stocks boost sentiment
 

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