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Global market update: Mixed signals among APAC indices; Nvidia-led rally stalls

EditorOliver Gray
Published 27/02/2024, 11:47 am
Updated 27/02/2024, 11:47 am
© Reuters. - Share markets across the Asian Pacific traded in mixed territory on Tuesday morning, as Wall Street's Nvidia-led rally paused overnight.

By 11:45 AEDT (12:45 am GMT) the S&P/ASX 200 and KOSPI 200 dipped 0.3% and 0.4% respectively while the Nikkei 225 gained 0.3%.

Key US stock indexes, including the S&P 500, Dow Jones Industrial Average, and NASDAQ Composite, all closed in the red, despite Nvidia's continued climb.

In the commodity markets, Brent crude oil saw a 1.3% increase to US$82.65 a barrel, while gold prices rose by 0.2% to US$2,032.39. In the bond markets, both the yield on Australian 2-Year and 10-Year government bonds fell, while U.S. Treasury notes experienced an uptick. The Australian dollar dipped to 65.33 US cents, down from its previous close of 65.62.

Asian shares showcased mixed performances. Chinese shares ended the day with mixed results as investors weighed the potential for more stimulus against concerns about the effectiveness of current attempts to bolster the economy. Hong Kong's Hang Seng Index fell by 0.5%, while the Nikkei Stock Average in Japan rose by 0.3%, reaching a new record high. However, Indian stocks lost ground for a second consecutive trading day, with the benchmark Sensex closing 0.5% lower.

European markets also experienced a downturn, with the pan-European Stoxx Europe 600 index falling 0.4% in late trade. This was a reversal from last week's gains, which were spurred by Nvidia's impressive earnings. The FTSE 100 index in the UK closed down 0.6%, dragged down by online grocer Ocado (LON:OCDO) and falling commodity prices.

In North America, U.S. stocks took a break from last week's rally, with all main indexes closing in the red. Despite the overall downturn, Nvidia continued to climb, while Palo Alto Networks Inc (NASDAQ:PANW) rose 7%, partially recovering from a disappointing guidance issued last week. Domino’s Pizza Inc (NYSE:DPZ) also saw a 6% gain following higher-than-expected earnings.

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In commodity markets, Brent crude oil rose by 1.3% to US$82.65 a barrel, while gold was up by 0.2% at US$2,032.39.

In local bond markets, the yield on Australian 2 Year government bonds was lower at 3.80%, while the 10 Year yield also fell to 4.10%. US Treasury notes were up, with the 2 Year yield at 4.72% and the 10 Year yield at 4.28%.

The Australian dollar was down at 65.33 US cents from its previous close of 65.62.

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