Asian shares faced losses even as most U.S. stock indexes, specifically in technology stocks like Nvidia, enjoyed gains. Despite the positive performance in the American markets, Asia saw drops in major indices like Japan’s Nikkei 225, Australia’s S&P/ASX 200, and Hong Kong’s Hang Seng. Investors closely monitor developments in the Chinese economy, with a focus on growth forecasts and overall recovery outlook.
Asian shares experienced declines on Tuesday despite gains in most U.S. stock indexes, particularly in technology stocks such as Nvidia. Japan’s Nikkei 225 dropped 0.2% to 38,980.60, Australia’s S&P/ASX 200 lost 0.2% to 7,848.00, South Korea’s Kospi fell 0.8% to 2,720.90, Hong Kong’s Hang Seng decreased by 2.1% to 19,233.87, and the Shanghai Composite slipped 0.4% to 3,157.33.
Investors in Asia remain focused on the Chinese economy’s health, with S&P Global Market Intelligence updating its growth forecast to 4.8% from 4.7%. Despite the adjustments, the overall outlook remains one of a tepid recovery.
In the U.S. markets, the S&P 500 edged up 0.1% to 5,308.13, hovering close to its recent record high. The Nasdaq composite climbed 0.7% to a new record of 16,794.87, while the Dow Jones Industrial Average declined 0.5% to 39,806.77 after surpassing the 40,000 mark for the first time on Friday.
Norwegian Cruise Line’s stock rose by 7.6% following positive financial forecasts, influencing shares of competitors Carnival and Royal Caribbean Group. Last week saw record highs for the U.S. indexes driven by hopes of Federal Reserve interest rate cuts and stronger corporate profits.
This week, Nvidia is set to report highly anticipated quarterly earnings. Other significant reports will come from retailers like Lowe’s, Target, and Ross Stores. In the bond market, the yield on the 10-year Treasury increased slightly to 4.44%, while the two-year yield rose to 4.84%.
Crude oil prices saw a decline, with U.S. crude falling to $79.22 per barrel and Brent crude down to $83.23 per barrel. The U.S. dollar showed a slight increase against the Japanese yen and the euro.
