Asian Stocks Expected For an Overall Quarterly Decline as 2024 Ends – Asia Market Wrap
Asian stocks fought for direction on the last trading day of 2024, on track for their first quarterly loss this year following a poor performance on Wall Street.
Equities declined in Australia and mainland China, while those in Hong Kong remained steady. US futures were flat after the S&P 500 and Nasdaq 100 fell overnight.
A regional stock index appears to be headed for a fourth-quarter loss, ending a four-quarter winning trend. Despite the recent slowdown, it is still expected to grow for the second year in a row.
The cautious tone Tuesday underscores continuing doubts about the strength of Wall Street’s advance this year, which was primarily fuelled by the so-called Magnificent Seven group of US IT titans. It also indicates the risks that investors will face in 2025, including President-elect Donald Trump’s protectionist policies, the Fed’s outlook, and the health of China’s economy.
On the economic front, Chinese factory activity increased for the third consecutive month in December, raising hopes that the economy will meet its annual growth target following Beijing’s stimulus package.
