Asian Stocks Extend Gains Amidst Upbeat Wall Street Performance and Tech Giants’ Earnings Anticipation

According to Reuters, Asian stocks continued their upward trend on Tuesday, posting a 0.8 percent increase, propelled by gains on Wall Street and anticipation surrounding earnings announcements from US tech giants.

However, a robust dollar and lingering concerns about future Federal Reserve policy created an atmosphere of uncertainty.

Building on Monday’s one percent surge, the broader MSCI Asia-Pacific index outside Japan climbed another 0.8 percent, while Japan’s Nikkei saw a modest uptick of 0.3 percent.

The momentum was driven by a 1.1 percent surge in Taiwanese shares and a robust 1.8 percent jump in Hong Kong’s Hang Seng index.

Tech shares across the region also exhibited strong performance, with Taiwan Semiconductor Manufacturing Co. Ltd. rallying two percent.

This positive sentiment followed a robust session on Wall Street, where major technology firms like Nvidia (up 4.4 percent), Amazon (up 1.5 percent), and Alphabet (up 1.4 percent) outperformed the market ahead of their upcoming quarterly earnings reports.

However, Tesla deviated from the trend, experiencing a 3.4 percent decline after announcing price reductions in major markets.

Oil prices witnessed a modest recovery after recent declines, with brent futures climbing 0.4 percent to $87.34 a barrel, and US crude gaining 0.4 percent to $82.25 a barrel, while investors remained cautious, monitoring developments in the Middle East.

In contrast, gold prices dipped by 0.8 percent as demand for safe-haven assets diminished.



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