chachamal
Asia-Pacific equity markets mostly rose on Wednesday, tracking gains on Wall Street overnight, as major US technology stocks pushed the S&P 500 and Nasdaq Composite to new record closes.
Japan (NKY:IND) +1.26%. Japan’s PMI was revised lower to 49.4 in June from preliminary data.
China (SHCOMP) -0.49%. A private survey showed that China’s service activity expanded for the eighteenth consecutive month, although at its softest pace in eight months. At the same time, the composite activity extended its growth streak for the eighth straight month but decelerated to a two-month low.
Hong Kong (HSI) +1.08%. In Hong Kong, retail sales fell for the third month in May, owing to a jump in outbound trips, strength in local currency, and a high base last year.
India (SENSEX) +0.64%. Strong domestic macroeconomic data continued to lift sentiment after the final data showed India’s services growth revised higher to 60.5 in June, following solid growth in factory activity a day before.
Australia (AS51) +0.28%. Australia’s monthly retail sales growth hit a four-month high in May, while private sector activity remained expansionary in June.
In the U.S., on Tuesday, all three major indexes ended higher as investors reacted to stronger-than-expected jobs data and the latest remarks from Federal Reserve Chair Jerome Powell.
U.S. stock futures held steady on Wednesday after the S&P 500 and Nasdaq Composite settled at new record highs in the previous session: Dow +0.05%; S&P 500 -0.03%; Nasdaq -0.03%.
Investors now look ahead to the latest FOMC minutes and more jobs data on Wednesday, as well as the nonfarm payrolls report on Friday, for further guidance.
Elsewhere, rising odds of a second Donald Trump presidency continued to support Treasury yields, which are seen as inflationary due to tax cuts, tighter immigration policies, and higher tariffs on imports.
On the geopolitical front, tensions remain elevated in the Middle East as Israel continues its siege on Gaza, ordering Palestinians to evacuate Khan Younis ahead of a potential attack.
Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).