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Global market update: APAC shares open mixed as yields fall

Published Dec 04, 2023 11:08
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Investing.com - Asia Pacific share markets started the week with mixed performance, following the Dow Jones Industrial Average and the S&P 500 closing at their highest levels since the beginning of 2022, and a continued downward trend in US treasury yields.

By 11:30 am AEDT (12:30 am GMT) The ASX 200 added 1.2%, the KOSPI 200 was up 0.6% while the Nikkei 225 fell 0.9%.

Despite Federal Reserve Chairman Jerome Powell's stern warning about premature discussions of rate cuts, US stocks rallied on Friday. The Dow Jones Industrial Average gained about 294 points, or 0.8%, ending near 36,245. The S&P 500 index rose 0.6%, while the Nasdaq Composite Index also gained 0.6%.

All three indexes marked a five-week winning streak. This allowed the Dow to secure its highest close since January 2022, while the S&P 500 ended at its highest level since March 2022. The equities rally since early November is credited to easing inflation, falling long-term Treasury yields, and the expectations for rate cuts next year.

Chinese shares overcame early declines to close slightly higher as investors processed data showing a mixed economic picture. Among large-cap gainers, Iflytek Co Ltd (SZ:002230) rose 5.4% and Beijing Kingsoft Office Software In (SS:688111) climbed 3.4%. However, Muyuan Foodstuff Co Ltd (SZ:002714) fell 1.3%, and Great Wall Motor Co Ltd (HK:2333) declined 1.45%.

European stocks saw an uptick, driven by gains for miners and property stocks, as hopes of interest-rate cuts next year boosted sentiment. The Stoxx Europe 600 and DAX advanced 1%, and the CAC 40 gained 0.5%. Anglo American PLC (LON:AAL) and Antofagasta PLC (LON:ANTO) headed higher following upgrades from UBS, which predicted a boost from rising metal prices.

The FTSE 100 rose 1.0% to 7,529.35, starting December on a strong footing amid optimism about possible interest-rate cuts next year. Heavyweight miners led gainers after China's Caixin manufacturing PMI data beat expectations and house builders rose on encouraging signs for the U.K. housing market. Anglo American jumped 6.4%, Antofagasta rose 4.3% and Glencore PLC (LON:GLEN) gained 3.2%.

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Global market update: APAC shares open mixed as yields fall
 

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