Stocks Fell After Weak US Data – Asia Market Wrap
Stocks, Treasuries and other assets steadied as investors sought to move on from weak US economic data that had rattled financial markets Tuesday.
US and European stock-index futures pointed to gains, Treasury 10- year yields rebounded in Asian trading while gold, Bitcoin and oil all traded within a tight range after declines overnight. Hong Kong equities surged, extending a rally that started last month driven by optimism that China’s technological breakthroughs may help revive the sluggish economy.
Investors sought safer corners of the market Tuesday after a weak US consumer confidence reading raised worries about the outlook for the broader economy from President Donald Trump’s policies and their impact on global growth. Chances for early action on his tax cut plans improved as House Republicans passed a budget blueprint Tuesday. The steadiness Wednesday will get a test later when NVIDIA reports earnings.
Trump’s move to further decouple economic ties between the two nations had rattled global investors who had bet on a sustained rebound in Chinese stocks. The shares have risen this year on optimism around DeepSeek artificial intelligence and President Xi Jinping’s meeting with corporate leaders, a move seen as a possible end to the crackdown on the private sector.
