As US Markets Are Closed, Asian Stock Market Dropped; Nikkei 225 Hits A New Record Of 41,000

In today’s trading, Asian shares were generally down, following strong gains in European markets overnight, as US markets remained closed for the 4th of July holiday. 

 

 

The Nikkei 225 slipped 0.2% to 40,843.90 after the government reported that higher prices significantly impacted consumer sentiment in May, resulting in a 1.8% decline in household spending. 

Investors worldwide are keenly anticipating a rate cut from the Federal Reserve, which has kept rates at two-decade highs to slow growth and control inflation. There are renewed hopes that inflationary pressures are easing enough to make this possible.

Chinese markets experienced notable declines, with Hong Kong’s Hang Seng index dropping by 1.1% to 17,823.67 and the Shanghai Composite index falling 0.9% to 2,929.98. The Shanghai benchmark has been hovering near its lowest level since February. 

South Korea’s Kospi surged 1.3% to 2,860.26 after Samsung Electronics projected that its second-quarter operating profit would soar more than 15 times from the previous year, reaching 10.4 trillion won ($7.52 billion).

Similar to Nvidia, Taiwan’s TSMC, Tokyo Electron, and other chip manufacturers, Samsung is reaping the benefits of a resurgence in the semiconductor industry driven by the expanding use of artificial intelligence applications. 

Australia’s S&P/ASX 200 also dipped 0.2% to 7,820.20, while Taiwan’s Taiex inched up 0.1% and Bangkok’s SET rose by 0.2%

With US markets closed on Thursday, the focus shifted to Britain, where the FTSE 100 was up by 0.2% on early Friday, as an exit poll and partial returns suggested a landslide victory for Britain’s Labour Party in the parliamentary election. 

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Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.
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