On Monday, June 3, 2024, a bronze bull statue stood prominently outside the Bombay Stock Exchange (BSE) building in Mumbai, as India’s stock futures soared. This surge followed exit polls predicting a decisive victory for Prime Minister Narendra Modi’s ruling party in the recently completed general elections. Photographer Dhiraj Singh captured this moment, with Bloomberg and Getty Images providing coverage.
Meanwhile, Asia-Pacific markets experienced a downturn on Tuesday, following a mixed session on Wall Street. Investors anticipated a relatively quiet day for economic data from Asian nations but closely monitored developments in India’s markets. Hyundai India’s Initial Public Offering (IPO) was set to launch, marking the largest in the nation’s history at 278.56 billion rupees ($3.3 billion).
Australia’s S&P/ASX 200 declined by 1.36%, South Korea’s Kospi fell 1.21%, and its small-cap counterpart, Kosdaq, dropped by 2.11%. In Japan, the Nikkei 225 benchmark fell 1.34%, with the broad-based Topix index down 1.04%. Hong Kong’s Hang Seng Index remained near the flatline, while mainland China’s CSI 300 edged down by 0.13%.
During U.S. trading hours, two Federal Reserve officials addressed interest rate trajectories. Minneapolis Fed President Neel Kashkari highlighted the robust U.S. economy and resilient labor market, suggesting that long-term interest rates might be higher than previously expected. Meanwhile, Dallas Federal Reserve President Lorie Logan expressed support for the current trend of lowering interest rates but emphasized the need for a patient approach.
In the U.S., stock markets closed on a mixed note as Treasury yields climbed and investors anticipated upcoming earnings reports. The S&P 500 dipped by 0.18%, while the Dow Jones Industrial Average fell 0.8%, ending a three-day winning streak. Contrarily, the Nasdaq Composite rose by 0.27%.
This report includes contributions from CNBC’s Pia Singh and Sarah Min.
Original Story https://www.cnbc.com/2024/10/22/asia-markets.html
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