Asian Shares Mixed Despite Fed Rate Cut Optimism

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Asian Shares Mixed Despite Fed Rate Cut Optimism

(RTTNews) - Asian stocks traded mixed on Monday despite optimism that the U.S. Federal Reserve may cut interest rates by a full percentage point by the end of 2024.

Gold was marginally higher as the dollar remained on the back foot after recording its worst week in four months.

The 10-year U.S. Treasury yield hovered near a two-month low while oil rose further after jumping more than 4 percent on Friday.

In the Middle East, the Israeli ambassador to the U.S. said he is hopeful a deal for the release of a significant number of hostages will be reached "in the coming days".

China's Shanghai Composite index was down 0.2 percent after the country's central bank left its benchmark lending rates unchanged.

Hong Kong's Hang Seng index rose 0.7 percent. E-commerce giant Alibaba Group Holdings rose over 1 percent after plunging Friday on saying it would not proceed with the full spinoff of its cloud group.

Japan's Nikkei index was down 0.2 percent after hitting a 33-year high earlier in the session.

Australia's benchmark S&P/ASX 200 was up 0.2 percent, New Zealand's NZX-50 index inched up 0.1 percent and South Korea's Kospi was down half a percent.

U.S. stocks finished slightly higher on Friday as bond yields fell further on dovish Fed expectations. In economic news, reports on housing starts and building permits painted a positive picture of the world's largest economy.

The S&P 500 inched up 0.1 percent to clinch a third straight winning week and reach its best closing level in well over two months. The Dow and the tech-heavy Nasdaq Composite both saw marginal gains.

European stocks rose notably on Friday amid growing optimism that global central banks will aggressively cut interest rates next year.

The pan European STOXX 600 rallied 1 percent. The German DAX rose 0.8 percent, France's CAC 40 gained 0.9 percent and the U.K.'s FTSE 100 climbed 1.3 percent.

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Australian Market Slightly Lower

Australian Market Slightly Lower

The Australian stock market is trading slightly lower on Friday after opening in the green, extending the losses in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying below the 8,600 level, with weakness is technology stocks partially offset by gains in gold miners and energy stocks.
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China Stock Market May Add To Its Winnings On Friday

China Stock Market May Add To Its Winnings On Friday

The China stock market has moved higher in back-to-back sessions, collecting more than 15 points or 0.4 percent in that span. The Shanghai Composite Index now sits just above the 3,400-point plateau and it's expected to see continued strength on Friday.
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Taiwan Shares May Bounce Higher Again On Friday

Taiwan Shares May Bounce Higher Again On Friday

The Taiwan stock market on Thursday ended the three-day winning streak in which it had rallied more than 810 points or 3.6 percent. The Taiwan Stock Exchange now sits just beneath the 22,290-point plateau and it may see renewed support on Friday.
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Singapore Bourse May Extend Thursday's Gains

Singapore Bourse May Extend Thursday's Gains

The Singapore stock market on Thursday ended the two-day slide in which it had fallen more than 15 points or 0.4 percent. The Straits Times Index now sits just above the 3,920-point plateau and it's tipped to open to the upside again on Friday.
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Malaysia Stock Market May See Additional Support

Malaysia Stock Market May See Additional Support

The Malaysia stock market has ticked higher in consecutive trading days, gathering almost 10 points or 0.6 percent along the way. The Kuala Lumpur Composite Index now sits just above the 1,525-point plateau and it may add to its winnings again on Friday.
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Win Streak May Continue For South Korea Stock Market

Win Streak May Continue For South Korea Stock Market

The South Korea stock market has finished higher in seven straight sessions, collecting more than 225 points or 8.2 percent along the way. The KOSPI now rests just above the 2,920-point plateau and it's tipped to open in the green again on Friday.
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New Zealand Manufacturing PMI Data Due On Friday

New Zealand Manufacturing PMI Data Due On Friday

New Zealand will on Friday release May results for the manufacturing PMI from BusinessNZ, highlighting a light day for Asia-Pacific economic activity. In April, the PMI score was 53.9.
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Taiwan Shares May Bounce Higher Again On Friday

Taiwan Shares May Bounce Higher Again On Friday

The Taiwan stock market on Thursday ended the three-day winning streak in which it had rallied more than 810 points or 3.6 percent. The Taiwan Stock Exchange now sits just beneath the 22,290-point plateau and it may see renewed support on Friday.
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