Asian stocks firm; Wall Street rally boosts sentiment; crude oil slips on trade worries
Investors also tracked global trade developments, especially US tariff talks with key partners, Reuters reported.
Japanese markets reopened after a holiday, reacting calmly to weekend election results where the ruling coalition lost in the upper house. Despite the setback, Japan's Prime Minister pledged to stay on.
Japanese stocks opened higher before settling into modest gains, while bonds remained steady as the outcome was mostly in line with expectations.
The yen, which had rallied 1% on Monday, held steady around 147.46 per dollar on Tuesday.
MSCI's comprehensive index of Asia-Pacific shares excluding Japan achieved its peak since October 2021 during early Asian trading but showed minimal movement.
The index has increased by nearly 16% this year.
The previous night, the S&P 500 and Nasdaq achieved record-high closures, driven by Alphabet and other major corporations ahead of numerous earnings reports this week.
Investor attention remains fixed on tariff talks as the August 1 deadline approaches, with the
European Union
now considering a wider range of possible countermeasures.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Why Mr. Chirag Jain never exits a trade in loss — even when he's wrong
TradeWise
Learn More
Undo
The euro remained steady at $1.1689, following a 0.5% increase in the previous session, yet remained below its near four-year peak reached earlier this month.
The currency has risen 13% this year as investors seek alternatives to US assets affected by tariff uncertainties.
The dollar index measured against six primary currencies stood at 97.905.
US President Donald Trump reportedly considered firing Federal Reserve Chair Jerome Powell last week but ultimately backed off, concerned about potential market turmoil.
The Fed is expected to keep interest rates unchanged at its July meeting, though rate cuts could follow later this year. All eyes are now on Powell's speech on Tuesday for any signs of future policy shifts.
Goldman Sachs strategists predict the Fed will begin cutting rates by 25 basis points in September, with three reductions expected, assuming inflation stays in check and concerns over the Fed's independence don't escalate.
Meanwhile, crude oil prices slipped on fears of a possible trade clash between the US and the European Union, reducing fuel consumption.
Brent crude futures decreased 0.35%, reaching $68.97 a barrel, whilst US West Texas Intermediate crude declined 0.31% to $66.99 per barrel.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
17 minutes ago
- Time of India
Narrow escape for 150 after fire in GMC office basement
Ghaziabad: At least 150 people had a narrow escape while the basement of the GMC headquarters — board meetings are held there — was gutted after a major fire broke out at the building located in Navyug Market area on Friday. Over 150 employees — including women — were evacuated through the back door after the fire broke out at 5pm. Municipal commissioner Vikramaditya Singh Malik and mayor Sunita Dayal left the office when the fire started. Chief fire officer Rahul Pal said, "At 5.20pm, we received the information following which three fire tankers, along with the FSO, immediately departed from Kotwali fire station." The fire tenders brought the blaze under control after about 45 minutes. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida Pal said, "The fire started in the control unit/electric panel located in the basement meeting hall of the civic body office and reached the first floor via the electric duct. Fire service personnel extinguished the fire completely by pumping water from a motor fire engine. The fire incident resulted in damage to 10 to 12 chairs, an air conditioner and the false ceiling in the basement meeting hall." Mohan Sharma, a GMC employee, said, "We were in the office when we noticed smoke in our cabins. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo We rushed out only to see plumes of smoke billowing from the basement. An alert was sounded and employees were evacuated." "Since it was not advisable to use the lift and the stairs leading to GMC's four-storey building pass through the basement, employees were asked to use stairs on the opposite side," Sharma added. Vibha, a female employee, said, "We panicked when we heard that the basement was on fire and even though we managed to escape using the stairs, we had to cover our faces as the smoke had spread all around."
Time of India
17 minutes ago
- Time of India
Zuari land scam amount enough to pay govt's debt: Vijai
Porvorim: Fatorda MLA Vijai Sardesai on Friday claimed that the Zuari land scam amounts to Rs 50,000 crore and it would have cleared govt debt. However, govt maintained its stance that there is no scam in Zuari land. Sardesai said that revenue minister Atanasio 'Babush' Monserrate has spoken extensively about the Zuari land scam, but nothing has been done by him, and now it is turning into a significant scam. He said that the House passed an amendment to the Goa legislative diploma no. 2017. He further explained that the objective of the amendment is to ensure that the purpose for which the comunidade land was given cannot be changed. The Fatorda MLA said that the purpose of giving land to Zuari Agro Chemicals Limited and/or Zuari Industries Limited and/or any of their subsidiaries was not to create plots. 'Land was not given so that Lodha should make plots or any other should make plots. 50lakh sqm land was given to create employment through industrialisation,' Sardesai said. Sardesai demanded that Monserrate should assure him that he will not issue any sanads for those plots. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Offer Valid for the First 100 Bookings Only Birla Estates Learn More Undo 'You have brought the law in 2024 and tell me now that you are breaking the same law in love of Zuari,' Sardesai said. In response to the question, Monserrate stated that this law does not apply to Zuari as it was prospective and not retrospective. Sardesai argued that the 'aforamento' cannot be changed. Monserrate countered that Zuari land has already been sold as they are the owners of the said Monserrate was seeking advice from a former advocate general, and when the advice was not in his favour, he went to another advocate because he wanted to sell it to Zuari. 'This is the biggest scam in modern Goa history,' Sardesai said. He claimed that Goa could have been debt-free with Zuari money. 'Rs 50,000 crore scam. Law was brought after it was sold to Zuari. You have brought the law after land was given to Zuari,' he said. Monserrate insisted that there is no scam, and the law was brought to prevent such occurrences in the future. Chief minister Pramod Sawant stated that they introduced the law after the Zuari incident. 'Our govt has not done Zuari scam,' Sawant said.
Time of India
18 minutes ago
- Time of India
Mutual recognition pacts between India, UK may be ready in 36 months
New Delhi: India and the UK have agreed to negotiate mutual recognition agreements (MRAs) to facilitate the movement of professionals such as nurses, accountants and architects to Britain, an official told ET. This is crucial as in certain professional services, recognition of qualifications is an essential requirement. Explore courses from Top Institutes in Please select course: Select a Course Category healthcare Digital Marketing MBA Others Data Science Leadership Technology MCA CXO PGDM Design Thinking Project Management Data Analytics others Management Operations Management Public Policy Finance Product Management Cybersecurity Healthcare Degree Data Science Artificial Intelligence Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details "It has been agreed that both countries will engage in mutual recognition of qualifications because in certain professional services, recognition of qualifications is an essential requirement like nurses, architects, accountants and dentists. Within a period of 36 months, we will try to enter into MRAs with the UK," said the official. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo MRAs in professional services confer recognition of certain licensing or qualification requirements obtained in the jurisdiction of other countries. In the India-UK Comprehensive Economic and Trade Agreement (CETA), Britain has also provided an assured mobility regime for various categories of Indian professionals. Business visitors across all sectors will be allowed entry for up to 90 days within any six months. Intra-corporate transferees including partners and dependents can stay for up to three years. Graduate trainees have also been accommodated under this category. Live Events Investors will be permitted a stay of one year. Contractual service suppliers from 33 sub-sectors, including IT, ITeS, finance, business services, hospitality and transport, can operate in the UK for 12 months within 24 months. Independent professionals from 16 sub-sectors, such as IT, business consulting, telecom and finance, can also access the UK market under similar terms. At present, about 60,000 Indian intra-corporate transferees are working in the UK in the IT sector. "For that, the UK has committed that they will provide a visa for three years not only for workers but also for their partners and dependents... Most important is that the UK has also agreed that no numerical restrictions will be imposed on workers," the official added. The UK has agreed not to impose numerical quotas or Economic Needs Test requirements for these categories. On the other hand, India has given market access in professional, financial (like insurance), environmental and other services to the UK. "The UK has expertise in these services and it will lead to investments also in India... India has ensured that its policy space in sensitive sectors is preserved," the official added. India has a trade surplus of around $6.6 billion with the UK. Officials said India has not made any commitments to the UK on easing cap on British banks opening more branches.
