Asian stocks surged on speculation of interest rate cuts; positive for individual stocks and market.

From Investing.com: 2024-06-02 23:14:10

Asian stocks surged on Monday as speculation over interest rate cuts by major central banks drove risk appetite. Technology-heavy indexes were top performers, with NVIDIA unveiling new AI chips. Indian markets rallied on BJP exit poll victory predictions. Wall Street’s strong finish fueled hopes for a Fed rate cut in September. Eyes are now on Europe and Canada’s interest rate decisions.

Hong Kong and South Korea indexes soared on tech gains. TSMC hit a record high, benefiting from Nvidia’s AI chip demand. Japanese and Australian tech stocks also rose. Indian Nifty futures spiked on exit polls predicting a Modi win. Investors anticipate continued economic growth under the BJP.

Chinese stocks saw modest gains amid mixed PMI data. Manufacturing sector grew more than expected in May. However, last week’s PMI data showed a contraction, leading to mixed performance in Chinese markets. Overall, Asian markets were lifted by positive sentiment and hopes for monetary policy easing.



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