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Global market update: APAC markets open mixed, Nasdaq closes at record highs

EditorOliver Gray
Published 21/05/2024, 10:37 am
© Reuters.

Investing.com - On Tuesday, shares across the Asia-Pacific region experienced a mixed opening, reflecting a varied session among major US indices overnight.

By 10:40 am AEST (12:40 am GMT) the S&P/ASX 200 and KOSPI 200 saw a drop of 0.1% and 0.6% respectively, while the Nikkei 225 experienced a 0.5% rise.

In the US, the NASDAQ Composite hit a new record high, driven by technology stocks, as investors continued to place their bets on the strength of US consumers and potential interest-rate cuts. The S&P 500 managed a modest 0.1% increase, while the Dow Jones Industrial Average fell by 0.5%.

Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) saw a surge in shares, leading the S&P 500 higher, after raising profit expectations for the year and delivering an optimistic presentation to investors. Other companies in the sector, such as Royal Caribbean Cruises Ltd (NYSE:RCL) and Carnival Corporation (NYSE:CCL), also experienced gains.

Investors are now eagerly awaiting quarterly results from retailers like Lowe’s Companies Inc (NYSE:LOW), Macy’s Inc (NYSE:M), AutoZone Inc (NYSE:AZO), and Urban Outfitters Inc (NASDAQ:URBN), set to be released on Tuesday. Despite high interest rates enabling spending among wealthier consumers, higher borrowing costs are impacting lower-income Americans.

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China's shares closed higher following Beijing's property sector-focused stimulus measures and steady benchmark lending rates. The Shanghai Composite Index ended 0.5% higher, with commodity stocks leading the gains.

Japanese stocks ended higher, primarily driven by bank and energy stocks, as the 10-year Japanese government bond yield reached an 11-year high. The Nikkei Stock Average rose by 0.7% with investors closely watching developments in the Middle East and crude oil prices.

In the UK, stocks remained flat with the FTSE 100 Index holding steady. Kainos Group PLC, YouGov PLC, and Carnival PLC were among the top gainers of the session.

European shares closed higher, with the STOXX Europe 600 Index, Germany's DAX, and France's CAC 40 all experiencing slight increases

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