Tuesday Morning Coffee - Markets Update - 23 July 2024 - Asia Rebounds as Chip Stocks Lead the Way Amid Political and Economic Uncertainties
Markets Update: After a one-month low on Monday,?Asian markets rebounded on Tuesday led by the semiconductor sector,?with Taiwan's market ending a five-day losing streak and the broader MSCI index rising 0.55%,?while commodity prices fell and the Australian dollar weakened.
?Global Markets Roundup: 23 July 2024
Asian markets showed resilience on Tuesday, bouncing back from one-month lows with Taiwan's market breaking a five-day losing streak. The semiconductor sector led this recovery, drawing momentum from a Wall Street rebound. Meanwhile, falling commodity prices exerted pressure on the Australian dollar. The MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), which had hit a one-month low on Monday, rose by 0.55%.
Japan's Nikkei NI225 stabilized due to the steadying of chip stocks, with the average share price increasing by 0.3%. In the U.S., the S&P 500 SPX surged 1.1% and the Nasdaq IXIC climbed 1.6% as stocks rebounded from recent heavy selling. In Taiwan, the benchmark index TWSE:TAIEX rose approximately 1.7% in early trade, with shares of chipmaker TSMC 2330 jumping 2%. Over the past week, TSMC lost about $100 billion in market value following U.S. presidential candidate Donald Trump’s ambivalence about protecting Taiwan and its chip industry in a magazine interview. South Korean chipmaker Samsung 005930 also rebounded as traders looked past political risks to focus on robust demand.
In currency markets, the euro EURUSD held steady at $1.089 on Tuesday, and the yen USDJPY ticked marginally higher to 156.8 per dollar. GBPUSD?was unchanged at $1.29305. The Australian dollar AUDUSD to three-week lows $0.6629 and the New Zealand dollar NZDUSD to an almost three-month trough of $0.5966. The dollar index DXY?fell to 104.26.
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In commodities and soft commodities, Brent crude futures BRN1! hit a one-month low overnight, last priced at $82.59 a barrel. U.S. West Texas Intermediate crude for September CL1!?lost 2 cents to $78.38 per barrel. Shanghai copper HG1! traded at their lowest since April, Three-month copper on the LME HG1!?traded 0.2% higher at $9,236 per metric ton. Spot GOLD?was trading flat at $2,396.57 per ounce. CBOT corn ZC1!?traded 0.4% lower to $4.13-1/4 a bushel, while wheat ZW1!?lost 0.2% to $5.46-3/4 a bushel. September London cocoa C1!?traded and closed 8% higher, to 6,842 pounds ($8,837.13) per ton. October white sugar SF1!?traded 1.5% lower at $533.10 a metric ton.
Looking ahead today, markets anticipate, Türkiye Consumer Confidence, China Foreign Direct Investment, EU Consumer Confidence, US Existing Home Sales, South Korea Consumer Confidence.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team