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Global market update: APAC shares mixed as US indices ease

EditorOliver Gray
Published 26/03/2024, 11:37 am
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Investing.com - Shares across the Asia-Pacific region kicked off Tuesday's trading session with mixed results, following a decline in the three major US indexes driven primarily by a slump in industrial stocks.

By 11:35 am AEDT (12:35 am GMT), the S&P/ASX 200 saw a marginal loss of 0.2%, while Japan's Nikkei 225 remained flat, and South Korea's KOSPI 200 added 1.1%.

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In the US, Monday saw a pullback in stocks, marking the second consecutive daily retreat since investors, buoyed by the prospect of lower interest rates, propelled US indexes to record highs. The Dow Jones Industrial Average took the brunt of the decline, dropping 0.4%, or 162 points, while the S&P 500 and the Nasdaq Composite both fell by approximately 0.3%. Despite these losses, all three indexes maintain a positive trajectory for the year, already surpassing many Wall Street predictions for full-year gains.

Last week, a slim majority of Fed officials reaffirmed plans to cut interest rates three times this year, despite persistent inflation in recent months. Concurrently, Treasury yields saw a modest increase, ending a four-day decline.

In individual stocks, Super Micro Computer continued to be the S&P 500's top performer, gaining 7.2% on Monday and taking its year-to-date gain to 267%. Micron Technology (NASDAQ:MU) also saw a record close with a 6.3% increase, marking its seventh consecutive daily gain.

In contrast, Take-Two (NASDAQ:TTWO) Interactive Software led the S&P 500's losses, falling 4.1% following reports of a possible delay in the latest release of its blockbuster Grand Theft Auto series. United Airlines also experienced a 3.4% loss after the Federal Aviation Administration announced increased oversight of the carrier due to a series of safety concerns.

In commodity markets, Brent crude oil rose 1.5% to US$86.73 a barrel, while gold increased 0.3% to US$2,171.83. In bond markets, the yield on Australian 2 Year government bonds declined to 3.78%, while the 10 Year yield also fell to 4.00%. US Treasury notes saw an increase, with the 2 Year yield at 4.63% and the 10 Year yield at 4.25%.

In Europe, the Stoxx Europe 600 saw a 0.1% increase, with investors remaining cautious ahead of the long Easter weekend. Germany's DAX rose 0.3% to a new record high, France's CAC 40 gained 0.1%, while the UK's FTSE 100 edged down 0.1%

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