Login ID:
Partner Login
Contact Us : 7066511911

Global equity/currency market update: Asian Shares Dip Amid Weakening U.S. Manufacturing Activity

4 Jun 2024 8:56 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 4 Jun (Commoditiescontrol): Asian markets saw slight declines on Tuesday as investors weighed the potential end of the U.S. economy's period of 'exceptionalism' due to further weakening in manufacturing activity.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.1%, following mild gains in U.S. stocks from the previous session. Despite this dip, the index remains up 1.6% for the month. Australian shares decreased by 0.21%, while Japan's Nikkei dropped 0.77%. Hong Kong's Hang Seng Index remained flat, and China's CSI300 Index dipped by 0.16%.

In the bond market, the yield on the benchmark 10-year U.S. Treasury notes was 4.4001%, slightly down from 4.402% on Monday. The two-year yield, which is sensitive to expectations of Federal Reserve rate changes, touched 4.8184%, unchanged from its U.S. close.

On Monday, U.S. Treasury yields hit their lowest in two weeks as manufacturing activity in the U.S. fell for the second straight month in May. The two-year yield decreased by 6 basis points, while the 10-year yield dropped by 11 basis points.

European investors anticipate that the European Central Bank will cut the benchmark rate by 25 basis points to 3.75% on Thursday.

On Wall Street, the S&P 500 edged up 0.1%, the Dow Jones Industrial Average fell by 0.3%, and the Nasdaq Composite rose by 0.6%.

In India, Prime Minister Narendra Modi is expected to secure a record-equalling third consecutive term as votes are counted from the world's largest election, involving 642 million ballots. Analysts suggest a Modi victory could positively impact India's financial markets due to anticipated economic reforms.

The dollar rose by 0.16% against the yen to 156.35 in Asian trading, still below its April high of 160.03. The euro gained 0.1% to $1.0912, having increased by 0.65% over the past month. The dollar index, tracking the greenback against major currencies, was down to 104.

In the commodities market, U.S. crude oil dipped 0.42% to $73.91 per barrel, and Brent crude fell to $78.05 per barrel, both hitting four-month lows after OPEC+ decided to start unwinding some production cuts from October.

Gold prices were slightly up, with spot gold trading at $2,350.73 per ounce.

(By Commoditiescontrol Bureau: 09820130172)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Post Comment  

Top 5 News
Small Cardamom Prices Continue to Decine
Domestic and Vietnamese Pepper Prices Continue to Decli...
Clove Prices Remained Stable; Imports Declined After Fi...
Market Wise Chana Arrivals: Supply Up By 3.56% Against...
Market Wise Tur Arrivals: Supply Up By 8.39% Against P...
Top 5 Special Reports
Argentina's Currency Market Intervention: Will It Reviv...
Weekly: Sugar Prices Decline Amid Strong Brazilian Outp...
Weekly: Cotton Extend Loss For 7th Week; Bears Tighten ...
USDA lowers 2024-25 global soybean production estimates...
USDA revises 2024-25 global cotton ending stocks estima...
Copyright © CC Commodity Info Services LLP. All rights reserved.