Asian shares subdued with yen at record low against euro, tech stocks hit

From Investing.com: 2024-06-24 22:35:54

Asian shares were subdued on Tuesday with the battered yen at a record low against the euro. Treasuries remained cautious ahead of key U.S. price data and political events. MSCI’s broadest index rose 0.3%, but Asian IT shares slid. Chinese stocks were up slightly, but e-commerce sales declined for the first time.

Wall Street saw the Nasdaq tumble over 1%, while Dow Jones rallied to a one-month high. Tech stocks were hit as investors rotated positions. Chinese blue chips and Hong Kong shares saw small gains. The king dollar dipped slightly after recent gains, with the yen rising a bit but still pinned near April levels.

The euro hit a record top of 171.49 yen as the Australian dollar climbed to a 17-year high against the yen. U.S. personal consumption expenditures (PCE) price index due on Friday is expected to show annual core inflation slowing to 2.6%. Market bets on a Fed rate cut as early as September are at 65%, with two cuts priced in for the year.

Treasuries held steady, with two-year yields at 4.7255% and 10-year yield down 1 basis point to 4.2341%. Oil prices remained flat, with futures holding at $85.95 a barrel while gold prices slipped 0.3% to $2,325.52 per ounce.



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