Asian Stocks Hover Near Record Highs – Asia Market Wrap
Asian stocks hovered near a record, following a tech- driven rally that pushed Wall Street to yet another peak. Shares in Hong Kong and mainland China fell.
The MSCI Asia Pacific Index retreated from its session highs to trade little changed. Equities in Hong Kong fell 1% with the city facing its most damaging typhoon since 2018. Asian chip-related stocks rose after Nvidia’s investment in OpenAI. There is no cash trading of Treasuries during the Asian day as Tokyo is closed for a public holiday. The rupee fell to a new record low against the dollar.
Gold has hit record highs and stocks have surged $15 trillion from April lows, with the US economy holding firm through President Donald Trump’s tariff war and sentiment buoyed by the Federal Reserve’s first rate cut. That run now faces a test, with earnings season looming and investors awaiting fresh Fed signals, including a speech by Chair Jerome Powell on Tuesday.
China’s benchmark CSI 300 Index fell as much as 1.2%, with some investors citing the need for a breather after a months-long rally. The Shanghai Composite Index was down as much as 1.3%.
