Asian shares mostly rose on Tuesday, buoyed by the positive performance of technology stocks on Wall Street, particularly led by Nvidia. Japan's Nikkei 225 surged 2.4% in morning trading to 40,248.68, while Australia's S&P/ASX 200 edged up 0.3% to 8,279.30. South Korea's Kospi also saw gains, adding nearly 1.0% to 2,513.39. However, Hong Kong's Hang Seng index slipped 0.3% to 19,635.67, and the Shanghai Composite remained relatively unchanged, inching down less than 0.1% to 3,205.55.
Nippon Steel faced a 1.5% decline in Tokyo trading as its attempt to acquire U.S. Steel was blocked by the Biden administration. In response, U.S. Steel saw an 8.1% increase after filing a federal lawsuit challenging President Biden's decision to halt the proposed $15 billion deal between Nippon Steel and the Pittsburgh-based rival.
Investors are closely monitoring potential policy changes under the incoming administration of President-elect Donald Trump. The financial markets are on high alert, adjusting their strategies in anticipation of shifts in economic directives.
The S&P 500 and Nasdaq composite both showed gains, with tech companies leading the charge. Nvidia, in particular, climbed 3.4% to reach a new record high. Uber Technologies also saw a 2.7% increase following its announcement of accelerating stock repurchases.
Looking ahead, the Federal Reserve is set to release minutes from its recent policy meeting, and key economic indicators such as the monthly jobs report and consumer sentiment data are scheduled for later in the week. Concerns about inflation, tariffs, and interest rates continue to influence market sentiment.
In energy trading, benchmark U.S. crude declined to $73.23 a barrel, while Brent crude fell to $76.02 a barrel. Currency markets saw the U.S. dollar strengthening against the Japanese yen and the euro.
Overall, the markets are navigating a mix of positive developments and uncertainties, with investors closely monitoring upcoming events and economic data releases for further insights into market trends.
