Asian stocks showed a positive trend on Tuesday, with U.S. futures pointing higher and oil prices remaining relatively stable. In Japan, the Nikkei 225 surged 1% following data from the Bank of Japan indicating a slowdown in the services producer price index for May compared to the previous month. The Japanese yen continued to attract attention, with the USD/JPY exchange rate trading near a 34-year low.
Meanwhile, the Hang Seng in Hong Kong rose by 0.5%, while the Shanghai Composite index experienced a slight dip. Australia's S&P/ASX 200 and South Korea's Kospi also posted gains. Taiwan's Taiex and Bangkok's SET index saw modest increases as well.
On Monday, the S&P 500 slipped slightly, while the Nasdaq composite fell due to declines in stocks like Nvidia, a key player in the artificial intelligence sector. Despite this, oil and gas companies performed well, with Exxon Mobil and SLB registering gains as oil prices remained high.
Financial companies also showed strength, with JPMorgan Chase and Wells Fargo posting positive numbers. However, the market saw declines in high-profile stocks, particularly Nvidia, which experienced a significant drop after a period of remarkable growth.
The bond market saw Treasury yields easing slightly, with hopes of a potential rate cut by the Federal Reserve later in the year. This comes as inflation concerns persist, prompting the Fed to maintain high interest rates to manage economic growth.
In other news, U.S. benchmark crude oil prices rose marginally, while the euro saw a slight increase in value against the dollar.
