Asian stock markets fell due to Wall Street’s tech downturn as investors prepare for crucial meetings from the U.S. Federal Reserve (FED) and Japan’s central bank.
South Korean and Australian markets went down at opening. Japan’s market stayed closed for a holiday.
U.S. stocks fell last Friday, causing more market swings. Big tech companies like Nvidia and Meta lost more than 3.5%.
The S&P 500 wiped out its weekly gains, while the Nasdaq fell by 1.8%.
Oil prices rose for the third day in a row. Brent oil trades around $94 per barrel. People are watching Saudi Arabia’s Energy Minister, who will speak about oil policies soon.
Last Friday, many stock-related contracts expired. This event sparked more trading.
No trading of U.S. Treasury bonds happened in Asia on Monday because of Japan’s holiday. Treasury yields rose last week, sending two-year rates above 5%.
The U.S. dollar weakened against most major currencies.
In other news, China’s Country Garden faces tests like a vote on local bond payments. Workers at Chevron’s gas sites in Australia went on strike again.
Data on Friday showed U.S. inflation hopes at a two-year low. Factory activity in New York grew unexpectedly due to new orders.
Economists think the strong U.S. economy will lead the Federal Reserve to raise interest rates again this year.
Conditions call for more rate hikes, says currency expert Win Thin.
Background
Historically, central banks like the U.S. Federal Reserve wield big influence on global markets.
Their decisions on interest rates often lead to market moves. Japan’s central bank also plays a key role in Asian markets. Both will meet this week to discuss policies.
Wall Street’s tech sector has been volatile. A few years ago, tech stocks mostly soared. But now they face frequent drops, affecting markets globally.
Market experts often cite high valuations as a cause.
Live Market IntelligenceCrypto — Live Market Board
Rio Times · Live Market Intelligence
Crypto — Live Market Board
-0.26%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 63,384 | -0.26% | -47.24% | 63,552 | 64,346 | 63,305 | 22,774,743,040 |
| ETH | 1,886 | +0.26% | -58.90% | 1,881 | 1,920 | 1,879 | 7,916,475,392 |
| SOL | 75.89 | -0.40% | -60.44% | 76.20 | 76.99 | 75.39 | 1,473,821,056 |
| XRP | 1.01 | -1.15% | -69.07% | 1.02 | 1.02 | 1.01 | 1,144,044,416 |
| BNB | 609.60 | -1.12% | -26.81% | 616.50 | 619.30 | 609.23 | 1,266,706,432 |
| ADA | 0.18 | -1.98% | -78.22% | 0.19 | 0.19 | 0.18 | 238,085,632 |
| DOGE | 0.07 | -1.56% | -70.00% | 0.07 | 0.07 | 0.07 | 553,256,192 |
| AVAX | 6.38 | +1.04% | -74.11% | 6.32 | 6.42 | 6.21 | 248,470,560 |
| LINK | 8.77 | -0.06% | -62.73% | 8.77 | 8.87 | 8.68 | 317,054,880 |
| DOT | 0.78 | -0.75% | -81.11% | 0.79 | 0.80 | 0.78 | 43,490,492 |
| LTC | 45.08 | -0.85% | -65.45% | 45.47 | 45.59 | 44.98 | 143,727,712 |
| BCH | 213.85 | +0.10% | -65.44% | 213.64 | 215.69 | 212.54 | 137,956,688 |
| TRX | 0.34 | +0.28% | -4.73% | 0.33 | 0.34 | 0.33 | 436,576,064 |
| XLM | 0.16 | -1.33% | -64.46% | 0.16 | 0.16 | 0.16 | 89,559,864 |
| HBAR | 0.07 | -0.53% | -74.67% | 0.07 | 0.07 | 0.07 | 22,546,186 |
| NEAR | 1.65 | +2.42% | -40.55% | 1.62 | 1.68 | 1.61 | 187,591,264 |
| ATOM | 1.40 | -2.36% | -70.15% | 1.44 | 1.44 | 1.40 | 18,626,964 |
| AAVE | 89.06 | +0.93% | -72.33% | 88.24 | 90.20 | 88.19 | 129,099,704 |
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
Read More from The Rio Times