January 24, 2025 01:56 GMT
ASIA STOCKS: Asian Equities Edge Higher Following S&P 500 Hitting New Highs
ASIA STOCKS
Asian equities traded higher, buoyed by a rebound in technology stocks following Wall Street’s record-breaking session. South Korea’s Kospi rose 1.1%, driven by foreign buying of tech names like SK Hynix and Samsung Biologics, as investors positioned ahead of the Lunar New Year break. Japan’s Nikkei advanced 0.6%, supported by domestic demand sectors like retail and construction, as markets awaited the BoJ’s expected interest rate hike. However, semiconductor stocks and banks faced selling pressure, with traders focusing on signals of further rate increases from BOJ Governor Kazuo Ueda. Meanwhile, Chinese regulators urged mutual funds and insurers to increase equity investments to stabilize the local market.
- Hong Kong & China equities are mixed today, after a decent day on Thursday, HK listed equities are underperforming, with Mainland Property Index -2% lower, while the HS Tech Index is 1.45% lower.
- Elsewhere, Oil prices fell for a sixth consecutive day after U.S. President Donald Trump pressed OPEC to lower crude prices, citing the move as a strategy to ease inflation and support rate cuts. Bitcoin rebounded after recent declines, as traders digested Trump’s executive actions on digital assets. Globally, markets are bracing for next week’s Federal Reserve decision and major tech earnings, which could drive further volatility.
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