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Asian Equities Fall As Samsung, SK Hynix Weigh: Markets Wrap

Jan 31, 2025 - ndtvprofit.com
Futures for the S&P 500 and Nasdaq 100 rose following a 0.5% increase in the underlying benchmarks, buoyed by strong results from Apple Inc. Despite gains in US futures, Asian equities fell, pressured by declines in technology companies like SK Hynix and Samsung Electronics. The currencies of Mexico and Canada slumped after President Trump announced potential tariffs, while the yen advanced due to comments from the Bank of Japan. The euro remained steady, and the dollar rose for the fifth consecutive day. Gold and oil prices edged higher, with gold trading around $2,797 per ounce and West Texas Intermediate crude at approximately $73 per barrel.

The US economy showed solid growth at the end of 2024, with consumer spending advancing at a 4.2% pace. The Federal Open Market Committee left interest rates unchanged, indicating a patient approach toward inflation. Key economic indicators, including the personal consumption expenditures index, are anticipated to show elevated inflation levels. In the markets, S&P 500 futures, Euro Stoxx 50 futures, and Australia's S&P/ASX 200 saw gains, while Bitcoin fell and Ether rose slightly. Bond yields saw minor changes, with the US 10-year Treasury yield advancing to 4.53%.

Key takeaways:

  • Futures for the S&P 500 and Nasdaq 100 rose after Apple Inc. reported robust results, despite Asian equities falling due to pressure on technology companies.
  • The US economy showed solid growth at the end of 2024, with consumer spending advancing at a 4.2% pace, the highest since early 2023.
  • The Federal Open Market Committee left interest rates unchanged, indicating a patient approach due to stalled progress toward lower inflation.
  • Gold reached a record high, and oil prices increased, with West Texas Intermediate crude trading around $73 per barrel.
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