Asian stocks today: Asian markets are trading mixed on Tuesday, 30 June, following Wall Street’s overnight rally, fresh round of talks going between US and Iran.
Japan’s Nikkei 225 remained volatile and traded largely flat and the Topix was down 0.65%.
South Korea’s Kospi rose 1.17% at the open; however, it quickly reversed its gain to trade 1% lower. While the small-cap Kosdaq declined 0.41% on 30 June.
Australia’s benchmark S&P/ASX 200 traded largely unchanged, while Hong Kong’s Hang Seng index futures stood at 22,976, below the previous close of 23,026.68.
What’s driving Asian markets today?
Overnight, Wall Street closed on a positive note, with a strong rally in chipmakers lifting the S&P 500 by 1.2% and the Nasdaq 100 by nearly double that gain on Monday.
Investors are now closely watching the US-Iran talks scheduled for Tuesday and the US June jobs report due on Thursday, both of which could provide fresh signals on whether the Federal Reserve is likely to keep interest rates elevated for an extended period.
In commodity markets, US crude oil maintained its gains ahead of the anticipated US-Iran discussions in Doha, trading near $70.15 per barrel. Gold was largely unchanged at around $4,015 an ounce, while the dollar weakened and US Treasury yields remained broadly steady during the New York trading session.
In Asia, market attention is centred on the Japanese yen. Although the currency’s weakness has supported exporters’ earnings and helped drive Japanese equities to record highs, it has also pushed up import costs, strained household finances and intensified political pressure on Prime Minister Sanae Takaichi’s administration.
The Bank of Japan raised its benchmark interest rate to 1% on June 16, the highest level since 1995. However, the move had little impact on markets, as investors continue to expect the Federal Reserve to maintain a hawkish monetary policy stance.
US stock market today
US markets ended Monday on a strong note, with the Dow Jones Industrial Average closing at a record high, as tensions between the United States and Iran eased over the weekend and technology stocks rebounded after recent selling pressure.
The Dow gained 306.63 points, or 0.59%, to close at 52,182.74. The S&P 500 advanced 86.41 points, or 1.18%, to 7,440.43, while the Nasdaq Composite surged 522.53 points, or 2.07%, to settle at 25,820.14.
SpaceX shares rallied 7.2% after Nasdaq announced that the recently listed company will join the Nasdaq 100 index on July 7. Meanwhile, Google parent Alphabet climbed 4.8% on its first trading day as a component of the Dow Jones index.
The communication services sector led gains among S&P 500 sectors. Comcast rose 4.5% after the media and cable company announced plans to split into two independent, publicly traded businesses through a tax-free spinoff of NBCUniversal and Sky.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
