{"id":70671,"date":"2024-07-02T16:10:29","date_gmt":"2024-07-02T06:10:29","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=70671"},"modified":"2025-11-10T21:44:16","modified_gmt":"2025-11-10T10:44:16","slug":"tuesday-2nd-july-2024-asian-markets-mostly-decline-amid-divergence-with-wall-street-gains","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/tuesday-2nd-july-2024-asian-markets-mostly-decline-amid-divergence-with-wall-street-gains\/","title":{"rendered":"Tuesday 2nd July 2024: Asian Markets Mostly Decline Amid Divergence with Wall Street Gains"},"content":{"rendered":"\n<h3>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 1.24%, Shanghai Composite up 0.15%, Hang Seng up 0.53% ASX down 0.35%<\/li>\n\n\n\n<li>Commodities : Gold at $2340.5 (0.07%), Silver at $29.78 (0.34%), Brent Oil at $86.73 (0.49%), WTI Oil at $83.21 (0.27%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.450, UK 10-year yield at 4.312, Germany 10-year yield at 2.593<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Final Manufacturing PMI&nbsp; 51.6 vs 51.7 expected<\/li>\n\n\n\n<li>(GBP) Final Manufacturing PMI 50.9 vs 51.4 expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>On Tuesday, Asia-Pacific markets mostly declined, diverging from Wall Street, where the Nasdaq Composite hit a new record driven by tech stocks, with the index rising by 0.83% to close at 17,879.3. This surge was led by gains in Microsoft, Apple, and Nvidia. Traders in Asia assessed South Korea\u2019s inflation rate, which came in at 2.4% for June, below the 2.7% expected by economists polled by Reuters.<\/p>\n\n\n\n<p>In Japan, the Nikkei 225 increased by 1.24%, and the broad-based Topix rose by 0.78%. The Japanese yen weakened to 161.67 against the dollar, remaining at 38-year lows. According to a Reuters survey, the Bank of Japan is expected to cut bond purchases by about $100 billion in the first year of its forthcoming quantitative tightening plan. Mitsubishi Heavy Industries surged 4.87% to a new all-time high, extending a six-day winning streak.<\/p>\n\n\n\n<p>South Korea\u2019s Kospi dropped by 0.84%, and the small-cap Kosdaq fell by 1.77% following the release of inflation data. Hong Kong\u2019s Hang Seng index increased by 0.54%, while Mainland China\u2019s CSI 300 slightly declined. Longfor Group rose by 5.41% after the company repurchased $219.6 million of notes with a 3.85% interest rate.<\/p>\n\n\n\n<p>Australia\u2019s S&amp;P\/ASX 200 decreased by 0.3% as the Reserve Bank of Australia published minutes from its June monetary policy meeting, where board members considered raising interest rates but ultimately decided to keep them steady at 4.35%. Members noted the possibility of achieving the inflation target within a reasonable timeframe without compromising full employment, though they acknowledged the &#8220;narrow path&#8221; was becoming narrower. Meanwhile, in the U.S., the Dow Jones Industrial Average and the S&amp;P 500 posted gains, rising by 0.13% and 0.27%, respectively.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>9:00 AM GMT &#8211; EUR Core CPI Flash Estimate y\/y<\/li>\n\n\n\n<li>9:00 AM GMT &#8211; EUR CPI Flash Estimate y\/y<\/li>\n\n\n\n<li>9:00 AM GMT &#8211; EUR Unemployment Rate<\/li>\n\n\n\n<li>1:30 PM GMT &#8211; USD Fed Chair Powell Speaks<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: On Tuesday, Asia-Pacific markets [&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\/70671"}],"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=70671"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70671\/revisions"}],"predecessor-version":[{"id":70682,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/70671\/revisions\/70682"}],"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=70671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=70671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=70671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}