Asian stocks rise, led by tech rally in Japan and gains in U.S. tech companies.

From Investing.com: 2024-12-03 01:40:37

Asian stocks surged on Tuesday, with Japan’s tech-heavy rallying 2.2% and South Korea’s advancing 1.8%. Australian stocks hit a fresh all-time high, while Chinese stocks were heavy, with Hong Kong’s managing only a 0.1% rise. MSCI’s broadest index of Asia-Pacific shares added 1%. The dollar recovered against major rivals.

In the U.S., Microsoft and Meta Platforms saw significant gains, with Facebook parent Meta Platforms surging nearly 19% and Tesla jumping 12%. The Pan-European STOXX 50 futures advanced 0.4%. In currencies, the dollar added 0.4% to 150.10 yen. Traders currently see a 75% chance of a rate cut at this month’s Fed meeting.

The yen has been supported by speculation that the Bank of Japan will raise rates by a quarter point, with traders placing the odds at around 58%. The euro eased 0.1% to $1.0489. French political turmoil loomed as far-right and left-wing parties submitted no-confidence motions against Prime Minister Michel Barnier.

U.S. President-elect Donald Trump demanded BRICS member countries commit to not creating a new currency or face 100% tariffs. Gold remained around $2,640, while oil prices hovered near two-week lows ahead of an OPEC+ meeting. Brent crude added 12 cents to $71.95 per barrel, and U.S. West Texas Intermediate crude rose 5 cents to $68.15 per barrel.



Read more at Investing.com: Asian stocks climb on Wall Street lead; yuan, euro sag By Reuters