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Tesla’s Surge Lifts Asian Stocks and US Tech Giants: Market Analysis
Stocks in Asia Rise Following US Tech Rally
Asian stocks saw gains after a strong performance by tech heavyweights in the US, with their earnings being closely watched by investors as a key indicator of the equities market.
Market Movement
Equity benchmarks in Japan and South Korea showed positive movement, while futures for Hong Kong also pointed upwards. US futures also saw gains during early Asian trading. Tesla Inc. experienced a notable surge after reporting optimistic outlook despite missing sales targets, marking the start of earnings season for the "Magnificent Seven" megacaps.
On the other hand, concerns over business activity indicators continued to fuel expectations of US rate cuts, impacting the dollar and Treasury yields.
Market Analysis
Following a series of record highs, the equities market faced a slowdown in recent weeks due to signals of prolonged higher rates by the Federal Reserve. This decline, however, made stocks more appealing to investors by eliminating excess speculation, shifting focus towards earnings reports.
Citigroup Inc. strategists Mihir Tirodkar and Beata Manthey suggested that the recent pullback presents a buying opportunity, with bullish positioning now more neutral. The ongoing earnings season is expected to redirect attention to solid fundamentals.
Recent Market Highlights
The S&P 500 witnessed its strongest consecutive rally in two months, driven by Nvidia Corp.'s performance in the AI sector. Texas Instruments Inc. also provided a positive revenue forecast, signaling potential growth for chipmakers in Asia.
Meanwhile, Treasuries remained stable following a successful two-year note auction, with minimal changes in 10-year yields.
Other Market Updates
Oil prices held steady amid declining US crude inventories and ongoing developments regarding sanctions against Iran. Gold prices remained relatively unchanged.
In Japan, the yen maintained stability near the 155 level against the dollar, prompting vigilance among traders for possible currency interventions.
Earnings Outlook
Analysts, including Morgan Stanley's Mike Wilson, emphasized the high expectations for US companies, particularly in the tech sector, as they navigate challenging comparisons from previous growth figures.
Upcoming earnings reports from Microsoft Corp., Meta Platforms Inc., and Alphabet Inc. are anticipated this week. The "Magnificent Seven" group is projected to see a 40% increase in first-quarter profits compared to the previous year, with valuations remaining elevated despite recent market corrections.
Key Events This Week
- Australia CPI data on Wednesday
- Indonesia rate decision on Wednesday
- IBM, Boeing, Meta Platforms earnings on Wednesday
- Malaysia CPI data on Thursday
- South Korea GDP report on Thursday
- Turkey rate decision on Thursday
- US GDP, wholesale inventories, initial jobless claims on Thursday
- Microsoft, Alphabet, Airbus, Caterpillar earnings on Thursday
- Japan rate decision, Tokyo CPI, inflation and GDP forecasts on Friday
- US personal income and spending, University of Michigan consumer sentiment on Friday
- Exxon Mobil, Chevron earnings on Friday
Market Summary
Stocks:
- S&P 500 futures rose 0.2%
- Hang Seng futures rose 0.3%
- Japan’s Topix rose 1%
- Australia’s S&P/ASX 200 rose 0.4%
- Euro Stoxx 50 futures rose 1.7%
- Nasdaq 100 futures rose 0.5%
Currencies:
- Bloomberg Dollar Spot Index remained stable
- Euro held steady at $1.0703
- Japanese yen maintained at 154.78 per dollar
- Offshore yuan unchanged at 7.2597 per dollar
- Australian dollar unchanged at $0.6490
Cryptocurrencies:
- Bitcoin rose 0.4% to $66,611.76
- Ether rose 0.4% to $3,223.42
Bonds:
- 10-year Treasuries yield stable at 4.60%
- Japan’s 10-year yield unchanged at 0.885%
- Australia’s 10-year yield increased by two basis points to 4.28%
Commodities:
This article was written with the help of Bloomberg Automation.
--Assistance provided by Rita Nazareth.
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©2024 Bloomberg L.P.
Tesla’s Surge Lifts Asian Stocks and US Tech Giants: Market Analysis
Thunhoon – Your Ultimate Guide to Capital Market Truths and Stock Scriptures
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Thunhoon – Your Ultimate Guide to Capital Market Truths and Stock Scriptures