Feb 23 2024: Japanese stocks surged to unprecedented heights on Thursday, surpassing levels not witnessed since the heady days of the 1989 bubble economy, as attractive valuations and corporate reforms entice foreign investors seeking alternatives to turbulent Chinese markets. The Nikkei share average soared to a peak of 39,156.97 points, surpassing the previous intraday record of 38,957.44 points set in 1989. While the benchmark index closed at 38,915.87 points on the final trading day of 1989, it concluded Thursday’s trading session 2.19% higher at 39,098.68 points. Remarkably, it took 34 years for the Nikkei to reclaim its former glory, setting a…
Author: editor2
Feb 22 2024: On Thursday, Japan’s Nikkei share average surged to its all-time peak following an unexpected surge in revenue forecasts from U.S. chip designer Nvidia, which propelled Asian tech stocks higher. Chinese equities rebounded from early losses, poised to extend an eight-session winning streak amidst optimism surrounding Beijing’s stimulus measures. While long-term U.S. bond yields hovered near three-month highs, the dollar weakened after the release of minutes from the Federal Open Market Committee meeting, confirming the Federal Reserve’s stance on gradual interest rate adjustments. Closing 2.19% higher at 39,098.68, the Nikkei 225 reached a milestone, surpassing its previous all-time…
Feb 22 2024: On Thursday, most Asian currencies experienced a decline, while the dollar stabilized following recent losses, as indications from the Federal Reserve suggested that the central bank is inclined to maintain high interest rates in the short term. The weakening purchasing managers index (PMI) readings from both Australia and Japan further bolstered the preference for the dollar among Asian traders, as business activity in these countries slowed down throughout February. After a sharp decline from its three-month highs earlier this week, both the dollar index and dollar index futures stabilized in Asian trading, indicating limited potential for further…
Feb 22 2024: In Asian trading on Thursday, gold prices continued to exhibit rangebound behavior as signals from the Federal Reserve reinforced the anticipation of extended higher interest rates in the United States. While the dollar’s decline from its recent three-month highs provided some relief to bullion prices earlier in the week, further downward movement for the greenback was restricted by Treasury yields remaining close to recent peaks. Gold largely traded within the $2,000 to $2,050 per ounce range established over the past month. Although the possibility of heightened interest rates hindered additional gains in the precious metal, concerns over…
Feb 22 2024: Circle, a prominent U.S. cryptocurrency company, has announced its decision to halt its backing for the USDC stablecoin on the Tron blockchain network. The move, disclosed on Wednesday, is said to be in line with the company’s ongoing commitment to upholding the integrity and security of USDC. In a blog post, Circle, headquartered in Boston, revealed that it would immediately cease the creation of USDC tokens on Tron, a blockchain platform known for its rapid growth and extensive use in stablecoin transactions. Notably, Tron’s founder has faced regulatory challenges in the United States, which likely influenced Circle’s…
Feb 22 2024: Japanese stocks witnessed a significant surge during Thursday’s trading session, as the Nikkei 225 index soared by 2.13%, reaching an unprecedented all-time high. This remarkable rally was primarily driven by substantial gains in the Transportation Equipment, Rubber, and Paper & Pulp sectors. Notable performers on the Nikkei 225 included Mitsui Engineering & Shipbuilding (TYO:7003), which surged by an impressive 26.22%, or 300.00 points, closing at 1,444.00. Similarly, Dainippon Screen Mfg. Co., Ltd. (TYO:7735) saw a remarkable increase of 10.16%, or 1,835.00 points, finishing the session at 19,895.00, while Advantest Corp. (TYO:6857) rose by 7.49%, or 494.00 points,…
Feb 21 2024: Asian stocks saw a lift on Wednesday, driven by optimism surrounding measures taken by policymakers in China to bolster confidence. However, investors remained on edge ahead of Nvidia’s earnings amidst the recent AI-driven global rally frenzy. Market watchers awaited the Federal Reserve’s January meeting minutes for further insights into the policy outlook, with expectations of early U.S. interest rate cuts diminishing due to persistent inflationary pressures. MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.62% on Wednesday, reaching its highest level in seven weeks, with Chinese and Hong Kong stocks leading the gains. China’s blue-chip CSI300 index…
Feb 21 2024: On Wednesday, most Asian currencies experienced gains, finding relief as the dollar retreated in anticipation of further guidance from the Federal Reserve regarding interest rates. While regional currencies had previously suffered significant losses amid diminishing expectations of early rate cuts by the Fed, the dollar’s retreat from recent highs this week provided some respite to Asian markets. Both the dollar index and dollar index futures dipped approximately 0.1% each in Asian trading, as investors opted to collect profits in the greenback ahead of a series of Fed cues scheduled for this week. Later on Wednesday, markets awaited…
Feb 21 2024: In Asian trading on Wednesday, gold prices continued their upward trend, buoyed by a weakening dollar ahead of anticipated signals on U.S. interest rates, notably from the Federal Reserve’s late-January meeting minutes. Despite this positive momentum, gold remained within a trading range of $2,000 to $2,050 an ounce established over the past month, as market sentiment remained uncertain due to expectations of prolonged higher U.S. interest rates. Spot gold edged up by 0.3% to $2,029.89 an ounce, while gold futures expiring in April inched up by 0.1% to $2,040.75 an ounce by 00:21 ET (05:21 GMT). Investor…
Feb 21 2024: Canaccord Genuity has commenced research coverage on Galaxy Digital (BRPHF), issuing it a Buy rating and setting a one-year price target of C$17, suggesting a potential upside of more than 28% from the recent closing price. With exposure in both its balance sheet and operations to the cryptocurrency ecosystem, Galaxy Digital (GLXY) is considered by Canaccord analysts as offering one of the most diversified investment opportunities in the digital asset sector. According to analysts at Canaccord, Galaxy’s institutional trading division is poised to capture market share, benefiting from several positive catalysts. Notably, the imminent widespread launch of…
