Asian stocks rise with Nikkei hitting record highs, China lags on trade worries

From Investing: 2024-07-08 22:56:50

Most Asian stocks rise on lower U.S. interest rate bets, with Japan’s Nikkei hitting record high. U.S. futures drift higher in Asian trade ahead of Fed Chair Powell’s testimony. Asian markets see boost from expectations of interest rate cuts, with Japan leading on tech gains and foreign buying.

Japan’s Nikkei hits record high on tech gains and foreign buying, with chipmakers and weak yen driving gains. Expectations of corporate reforms in Japanese companies also boost market attractiveness. Doubts linger on how much higher Japanese stocks will go amid economic struggles.

Other Asian markets rise on tech gains, with South Korea and Australia seeing increases in their indexes. Australian consumer sentiment worsens amid inflation and high interest rate concerns. Indian futures point to a positive open, with indexes close to record highs.

Chinese stocks lag on trade jitters as EU imposes tariffs on Chinese electric vehicles. Focus shifts to Beijing’s potential retaliation. Chinese stocks underperform peers amid economic uncertainties, with focus on economic data for more cues. Hong Kong’s index is down 0.4% on mainland stock losses.



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