Asian stocks rise on Fed rate cut expectations, Japan nears record highs; positive.

From Investing.com: 2024-07-03 22:27:37

Asian stocks rallied on Thursday, following Wall Street’s lead, amid expectations of a Fed interest rate cut by September. The Nikkei and TOPIX indexes in Japan neared record highs, lifted by weak economic data. Other regional markets also surged, but China’s indexes lagged due to economic growth concerns. Investors remain cautious.

Japanese stocks soared, with the Nikkei and TOPIX indexes climbing and nearing record highs. This surge was driven by weak economic data pushing up bets on the Bank of Japan maintaining loose monetary policy. Technology stocks also saw gains amid excitement over artificial intelligence advancements.

Asian markets saw broad gains as traders anticipated a September rate cut by the Fed. South Korea’s KOSPI and Australia’s ASX 200 both rose, with Australia reporting a larger-than-expected fall in retail sales. Meanwhile, India’s Nifty and Sensex futures pointed to a positive opening as record highs were reached.

China’s stock indexes fell slightly as concerns over a slowing economic recovery persisted. Weak private PMI data added to worries, while Beijing’s scaled-back stimulus efforts raised doubts. Attention now turns to the Chinese Communist Party’s Third Plenum for insights into the country’s economic direction.



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