© Reuters.
The and indices registered modest gains on Tuesday, October 24, 2023, as easing US economic recession fears and a pullback in 10-year US Treasury yields from a high of 5.021% bolstered market sentiment. Despite concerns over yield spikes, Middle East conflict, weaker Purchasing Managers Index (PMI) figures from Australia and Japan, and a negative impact on tech stocks, these factors did not significantly impact the two indices.
Corporate earnings from Alphabet (NASDAQ:), Coca-Cola (NYSE:), General Electric (NYSE:), General Motors (NYSE:), Microsoft (NASDAQ:), and Visa (NYSE:) set a positive tone for Wednesday’s session. Additionally, the release of Australian inflation figures for Q3 could potentially influence Reserve Bank of Australia’s rate hike expectations.
The ASX 200 gained 0.19% on Tuesday. Despite a drop in tech stocks by 0.44%, mining stocks steadied after Monday’s sell-off with Fortescue Metals Group (OTC:) rallying by 2.59%. The big four banks had a mixed session.
On the other hand, the Nikkei gained by 0.20%. While bank stocks saw more losses, SoftBank (TYO:) Group Corp. and Fast Retailing Co registered gains of 1.68% and 1.74% respectively.
In contrast to the positive performance of the Nikkei and ASX 200, the ended negatively on Tuesday, falling by 1.05%. Major tech companies Alibaba (NYSE:) Group Holding Ltd and Tencent Holdings (OTC:) Ltd slid by 1.66% and 2.08% respectively, while bank stocks also ended negatively.
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