Asian stocks today: Asian markets traded mostly higher on Monday, 6 July, while oil prices eased. South Korea’s Kospi climbed 2.9%, while Japan’s Nikkei 225 edged up 0.2%. The MSCI Asia Pacific Index rose 0.3%, with advancing stocks outnumbering decliners by more than two-to-one.
Australia’s benchmark S&P/ASX 200 slipped 0.23%. Meanwhile, the Japanese yen traded at 161.54 against the US dollar after touching a 40-year low versus the greenback last week. South Korea’s won also weakened about 0.25% to 1,532.82 per dollar following the launch of 24-hour currency trading.
Hong Kong’s Hang Seng index futures were last quoted at 23,253, below the previous session’s closing level of 23,350.03.
What’s driving Asian markets today?
Asian markets started on a mixed note on Monday as investors reassessed artificial intelligence-led investment themes while awaiting the release of the minutes from the US Federal Reserve’s June policy meeting later this week.
Chipmaker sentiment, however, remained positive after Nvidia’s server manufacturing partner, Hon Hai Precision Industry, posted better-than-expected sales. Shares of SK Hynix gained 1.4% ahead of its planned $29 billion American depositary receipts (ADR) listing this week.
Technology stocks continued to remain under scrutiny following last week’s declines on Wall Street, which were driven by concerns that the AI-fueled rally had become overstretched.
Meanwhile, oil prices edged lower as energy shipments through the Strait of Hormuz continued uninterrupted and OPEC+ indicated plans to raise output. Brent crude fell 0.7% to $71.65 a barrel, with shipping activity through the US-protected waterway showing signs of recovery.
The South Korean won also remained in focus. The currency was little changed after recovering late Friday from its weakest level against the US dollar since 2009, following reports that South Korean authorities were preparing for currency flows linked to SK Hynix’s upcoming ADR issuance.
US stock market today
The Dow rose nearly 2% last week, bringing it close to the 53,000 mark, a milestone it has yet to achieve. The S&P 500 and Nasdaq Composite also recorded strong weekly performances, gaining 1.8% and 2.1%, respectively.
These advances came despite weakness in semiconductor stocks, which have been a major driver of the market’s rally this year. Investors reduced their exposure to chipmakers and shifted funds into other sectors. As a result, the VanEck Semiconductor ETF declined 3.2%, registering its second consecutive week of losses.
(With inputs from agencies)
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
