South Korea stocks lead gains in Asia markets; RBA keeps benchmark rate unchanged at 4.35%
Publishing timestamp: 2024-05-07 03:33:24
Summary
Asian markets, including South Korea, Japan, and Australia, saw gains on Tuesday. Nio struck a deal with BYD for batteries, while the Monetary Authority of Singapore fined Swiss-Asia Financial Services. In Australia, the central bank held its lending rate steady, while retail sales volumes fell. Japan's service sector expanded, while inflation in the Philippines accelerated. The European Union approved a deal for Japan's Nippon Steel to buy U.S. Steel. China stocks have been rallying strongly, outperforming the S&P 500. Luxury goods spending by Chinese consumers is expected to increase, and the "Magnificent Seven" companies are showing strong earnings growth. Investors may be looking at buying opportunities in precious metals, particularly platinum. Sentiment towards the China market has shifted positively, potentially impacting industrial metals like copper.
Sentiment: MIXED
Tickers: JPY=, X, GOOGL, .HSI, .DJI, GLD, ARM, .SSEC, AMZN, .DXY, META, NVDA, 1211-HK, 9866-HK, TSLA, AUD=, .SPX, .AXJO, .IXIC, .KS11, .N225, PPLT, .SZI, @LCO.1, 5401.T-JP, @CL.1,
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Source: https://www.cnbc.com/2024/05/07/asia-markets.html