Precise Investors

Sunday, January 29, 2023
Stocks & Shares

Asian shares near record high amid investor restraint


S&P 500 futures dropped 0.12%, Euro Stoxx 50 futures rose 0.03%, German DAX futures declined 0.14%, and FTSE futures eased 0.13%

Asian shares were near a record high on Friday as some investors showed restraint on mixed U.S. economic data after a global stock market rally.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.05%, just short of an all-time high reached in the previous session. Australian stocks shed 0.63%. Shares in Tokyo dropped 0.2%, after hitting 30-year highs.

Futures for the S&P 500 dropped 0.12%. Euro Stoxx 50 futures rose 0.03%, German DAX futures declined 0.14%, and FTSE futures eased 0.13%.

Markets in Greater China and most of Southeast Asia are closed on Friday for the Lunar New Year holiday. China’s stock and bond markets, foreign exchange and commodity futures markets are closed through Feb. 17 for the holiday.

In crypto news, bitcoin hit a new high after BNY Mellon said it will offer custodian services for cryptocurrencies. The dollar was set for a weekly loss on bitcoin’s rise and disappointing U.S. economic data.

Trading in the United States and Europe on Thursday did not move prices enough to provide much direction, said Tom Piotrowski, a market analyst at CommSec in Sydney.

We didn’t get much of a lead-in from the northern hemisphere, Piotrowski said. Markets are in a bit of a holding pattern waiting for the next catalyst and it is just a question of whether that catalyst is going to be a positive one or a negative one.

World stock markets were near record highs on Thursday as investors weighed economic data against rising vaccinations against COVID-19 and the possibility of rise in inflation.

The MSCI world equity index pulled back from a record high after dropping 0.03% on Friday.

On Wall Street, the Nasdaq and S&P 500 eked out gains of 0.4% and 0.2%, respectively, while the Dow Jones Industrial Average dropped 0.02%.

Prices were near record levels as investors bet on more government spending, although the enthusiasm did not last long as U.S. President Joe Biden said that China was poised to “eat our lunch,” raising fears of renewed Sino-U.S. crisis.

U.S. weekly unemployment claims fell less than expected and core consumer prices rose at a slower pace, which caused some traders to temper the optimism about the economic outlook.

Bitcoin hit a record high of $49,000 before dropping.

Spot gold declined 0.17% to sit at $1,822.21 per ounce. U.S. gold futures shed 0.14% to $1,829.50. though, gold prices are still on their way to their three-week high amid broad dollar selling.

The dollar index rose 0.05% on Friday but was still set for a 0.6% weekly decline.

Investors were unnerved by soft demand at an auction of $27 billion of new 30-year Treasuries on Thursday.

The yield on 10-year U.S. Treasuries was higher 1.1599%. The 30-year yield initially rose but then fell back to 1.9398%.


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