Yen Continues to Rebound as Stock Rally Continues – Asia Market Wrap

Global markets continued their record-breaking run, climbing for the fourth consecutive day as a much-anticipated year-end rally took hold. The Yen has increased.

The MSCI All Country Index increased on Tuesday after setting a new closing record the previous session. A barometer of Asia Pacific shares rose 0.5%, while US futures were unchanged after the S&P 500 gained 0.6% overnight. In commodities, gold reached another all-time high, marking the 50th day of record-breaking this year. Silver also reached a new high.

Chinese stocks slumped in Asia after Citigroup strategists downgraded them, citing lower earnings revisions and a bleak macroeconomic outlook. Taiwan was upgraded to overweight from neutral, given its extensive connections to global AI supply chains.

Meanwhile, oil prices held steady after a four-day rally as the US maintained its blockade on Venezuelan petroleum supplies.

Brent was at $62 per barrel after climbing roughly 5% in the previous four sessions, while West Texas Intermediate was about $58. The US has taken possession of two tankers and is pursuing a third as it puts more pressure on Nicolas Maduro’s regime.