Global Markets Surge Ahead of Christmas
Asia-Pacific Markets Kick Off Christmas Eve on a High Note
Asian markets opened strong on Christmas Eve, mirroring the gains made by key US benchmarks overnight. The surge was largely driven by the tech sector, which saw significant gains.
Japan’s Nikkei 225 and Topix Remain Steady
In Japan, the Nikkei 225 and Topix indices barely budged, as minutes from the Bank of Japan’s October meeting revealed that members agreed to maintain their stance on raising interest rates if economic and inflation targets are met. However, shares of Honda skyrocketed 13%, while Nissan’s shares plummeted over 5% following the announcement of formal merger discussions.
South Korea’s Kospi and Kosdaq See Modest Gains
South Korea’s Kospi rose 0.31%, while the Kosdaq climbed 0.72%. Despite this, the country’s consumer confidence hit a two-year low, with the consumer sentiment index dropping below the 100-point mark that separates optimism from pessimism.
Hong Kong’s Hang Seng Index Futures Rise
Hong Kong’s Hang Seng index futures surged to 19,924, surpassing the HSI’s last close of 19,883.13. Meanwhile, Australia’s S&P/ASX 200 traded flat in a shortened trading day.
US Markets See Tech-Led Rally
Overnight in the US, stocks rallied as tech giants led the charge. The S&P 500 gained 0.73% to 5,974.07, while the Nasdaq Composite rose 0.98% to 19,764.89. Tesla, Meta Platforms, and Nvidia were among the top performers, with gains of over 2% and 3%, respectively. The Dow Jones Industrial Average erased earlier losses, ending the day 66.69 points higher, or 0.16%, to 42,906.95.
Trading Expected to Remain Muted
Trading was thin on Monday and is expected to remain subdued throughout the week. The New York Stock Exchange will close early on Tuesday for Christmas Eve at 1 p.m. ET, and the market will be shut on Christmas Day.
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