June 24, 2022

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Asian Markets Mixed In Light Trading Day

2 min read

Asian stock markets are mixed in a light trading day on Tuesday as few major markets are closed, following the broadly positive cues from Wall Street overnight, with technology leading on the way higher to mirror their peers on Nasdaq, which surged on news that Elon Musk had taken a big stake in Twitter. Energy stocks also gained amid the rebound in crude oil prices. Asian markets closed mostly higher on Monday.

Meanwhile, Traders also kept an eye on developments in the ongoing conflict between Russia and Ukraine, which continues to impact energy prices amid calls for new sanctions on Russia as well as concerns about inflation and the imminent monetary tightening by the U.S. Federal Reserve.

The Fed is seen as increasingly likely to raise interest rates by 50 basis points next month with the strongly monthly jobs report suggesting the economy remains on solid footing. The Fed is scheduled to release the minutes of its March meeting on Wednesday, potentially shedding additional light on the outlook for rates.

Western nations have called for new sanctions against Russia after Ukraine said Russian troops carried out a “massacre” in the town of Bucha, killing hundreds of civilians. Western nations have called for a ban on imports of Russian oil and gas.

U.S. President Joe Biden also called for a war crimes trial against Russian President Vladimir Putin and said he would seek more sanctions after reported atrocities in Ukraine.

The Australian stock market is modestly higher on Tuesday, extending the gains in the previous session, with the benchmark S&P/ASX 200 staying above the 7,500 level, following the broadly positive cues from Wall Street overnight, fueled largely by solid gains in technology stocks, which mirrored their peers on Nasdaq. Energy stocks also gained amid the rebound in crude oil prices.

Meanwhile, traders monitor the Reserve Bank of Australia’s meeting for any signs policy makers will start their tightening cycle next month rather than wait until June….

2022-04-04 23:27:41

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