{"id":70213,"date":"2024-06-06T16:20:56","date_gmt":"2024-06-06T06:20:56","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=70213"},"modified":"2025-11-10T21:49:01","modified_gmt":"2025-11-10T10:49:01","slug":"thursday-6th-june-2024-asian-markets-rally-on-rate-cut-expectations-and-political-developments","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/thursday-6th-june-2024-asian-markets-rally-on-rate-cut-expectations-and-political-developments\/","title":{"rendered":"Thursday 6th June 2024: Asian Markets Rally on Rate Cut Expectations and Political Developments"},"content":{"rendered":"\n<h3><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 0.74%, Shanghai Composite down 0.25%, Hang Seng down 0.09% ASX up 0.69%<\/li>\n\n\n\n<li>Commodities : Gold at $2343.5 (0.43%), Silver at $30.58 (1.61%), Brent Oil at $78.73 (0.45%), WTI Oil at $74.59 (0.53%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.29, UK 10-year yield at 4.22, Germany 10-year yield at 2.50<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) ISM Services PMI&nbsp; 53.8 vs 51.0 expected<\/li>\n\n\n\n<li>(CAD) Overnight Rate 4.75% vs 4.75% expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Equities in the Asia-Pacific region rallied as investors anticipated a rate cut from the European Central Bank, spurred by softer U.S. labor market data hinting at possible action by the Federal Reserve. Japan&#8217;s Nikkei 225 initially climbed but later moderated, while Australia&#8217;s S&amp;P\/ASX 200 edged higher despite a decline in exports. Hong Kong&#8217;s Hang Seng index rose before retreating, while China&#8217;s CSI 300 hovered near stability.<\/p>\n\n\n\n<p>In India, the Nifty 50 and Sensex indexes extended gains following the formation of a new government led by Prime Minister Narendra Modi&#8217;s Bharatiya Janata Party. South Korea&#8217;s markets remained closed for a public holiday. Meanwhile, in the U.S., major tech stocks, led by Nvidia, surged alongside speculation of a potential Fed rate cut later in the year. The S&amp;P 500 and Nasdaq Composite reached new highs, propelled by Nvidia&#8217;s significant gains.<\/p>\n\n\n\n<p>However, the Dow Jones Industrial Average saw more modest growth as non-tech stocks underperformed. Overall, the market sentiment in the Asia-Pacific region remained optimistic amid expectations of monetary policy adjustments from central banks and positive political developments in India.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:15 PM GMT &#8211; EUR Main Refinancing Rate<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Unemployment Claims<\/li>\n\n\n\n<li>12:45 PM GMT &#8211; EUR ECB Press Conference<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Equities in the Asia-Pacific [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70213"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=70213"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70213\/revisions"}],"predecessor-version":[{"id":70218,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70213\/revisions\/70218"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=70213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=70213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=70213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}