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Global market update: APAC shares open higher, Wall St recovers

EditorOliver Gray
Published 23/04/2024, 10:44 am
© Reuters.

Headline 1: "Global Markets Rally: Asian Pacific Shares on the Rise, Wall Street Recovers" Headline 2: "World Market Update - 23 April: ASX Stays Stable, Kospi and Nikkei See Gains, Wall Street Bounces Back"

The global markets kicked off Tuesday on a mostly positive note, with Asian Pacific shares experiencing an uplift after the US market bounced back from the previous week's losses. The S&P/ASX 200 added 0.5%, while the KOSPI 200 and Nikkei 225 saw gains of 0.1% and 0.5%, respectively.


US stocks made a strong comeback on Monday, recovering from the dismal performance of the past week. The S&P 500 advanced by 0.9%, ending a six-day losing streak, with all 11 sectors of the benchmark index wrapping up the day in positive territory. The Nasdaq Composite, which is tech-heavy, rose by 1.1% following a 5.5% fall last week. The blue-chip Dow Jones Industrial Average added about 254 points, marking a 0.7% gain.

Relaxed tensions between Israel and Iran contributed to restoring some market confidence. Brent crude oil dipped 0.3% to $87 a barrel, and gold futures slid 2.8% after hitting an all-time high on Friday.

Chinese shares closed lower, despite the majority of Asian peers posting gains. The People's Bank of China (PBOC) maintained its loan prime rate, despite a better-than-expected Q1 GDP. Oil and coal stocks led the losses, with major decliners including Shanxi Coking Coal Energy, China Coal Energy, and China Oilfield Services. Among the gainers were LONGi Green Energy Technology, Bank of Hangzhou, and Hangzhou Hikvision Digital Technology.

Japan's Nikkei Stock Average rose 1.0% to 37438.61, rebounding modestly from Friday's losses triggered by Israel's strike against Iran. The 10-year Japanese government bond yield rose 5 basis points to 0.880%.

European stocks saw an uplift, with the pan-European Stoxx Europe 600 index up 0.6% at 502.43, as easing geopolitical tensions boosted risk appetite. U.K. stocks were notable outperformers, with the FTSE 100 up 1.6% at 8,023.87, close to record highs. Supermarkets and retailers led the gainers, helped by news that investors in grocer and tech company Ocado (LON:OCDO) are pushing for a switch to a U.S. listing. However, precious metal miner Fresnillo (LON:FRES) lost 3% as gold prices fell.

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