Markets Asia: Positive US guidelines give Asian stock exchanges a boost
The hopeful signals for a deal in the Middle East are also driving Asian stock markets. The upcoming key interest rate decision by the central bank remains a top topic.
Asian markets saw a surge on Tuesday, buoyed by positive cues from Wall Street. The broad MSCI index for Asian stocks, excluding Japan, closed up 0.1 percent. South Korea experienced a particularly strong performance, with the KOSPI index gaining up to 2.1 percent. Japan's Nikkei index, on the other hand, saw a modest rise of 0.3 percent.
This optimism was further fueled by data showing that activity in the U.S. manufacturing sector increased to its highest level in over four years in July, helping the Dow Jones index to achieve a record close the previous day. Chris Weston, chief analyst at Pepperstone Group, commented, "Risk markets have clearly turned the corner."
Meanwhile, investors remain optimistic about a potential interest rate hike by the U.S. Federal Reserve in September, with the likelihood of a 25 basis point increase now estimated at 65 percent. On the foreign exchange market, the dollar gained 0.3 percent against the yen, reaching 157.62 yen, showing a continued recovery from the coordinated intervention by the U.S. and Japan the previous week. The Chinese yuan saw a slight appreciation against the dollar, reaching 6.7566 yuan.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written; read the original for the full account.
