Key Takeaways
- Asian markets traded mixed as Trump’s comments on Fed Chair Powell injected policy uncertainty.
- South Korea’s Kospi led gains, rising 1.5%, while Hong Kong’s Hang Seng fell 76 points.
- Wall Street closed Friday at fresh highs, with the S&P 500 notching its 34th record of the year.
Asian stock markets presented a mixed picture on Monday, reacting to political uncertainty stirred by former US President Donald Trump. Trump stated he would not reappoint Federal Reserve Chair Jerome Powell if he wins the November election, casting doubt on the future path of US monetary policy.
Asian Market Performance
Regional indices showed divergent trends:
- Japan’s Nikkei 225 declined 0.3% to 38,707.64.
- South Korea’s Kospi was a standout performer, jumping 1.5% to 2,867.99.
- Hong Kong’s Hang Seng dropped 0.3%, losing 76.24 points to close at 24,987.36.
- Shanghai Composite inched up 0.1% to 3,165.08.
Elsewhere in the Asia-Pacific, Australia’s S&P/ASX 200 slipped 0.2%. Taiwan’s Taiex gained 0.5%, and India’s Sensex advanced 0.2% to 79,996.60.
Wall Street’s Record Run
The mixed Asian session followed another record-breaking close on Wall Street. On Friday, the S&P 500 rose 0.5% to 5,567.19, marking its 34th all-time high this year. The Dow Jones added 0.2%, and the Nasdaq composite gained 0.9%.
Commodities and Forex
In other Monday trading, oil prices saw modest gains. US benchmark crude added 13 cents to $83.32 per barrel, while Brent crude rose 15 cents to $86.74.
The US dollar strengthened slightly against the Japanese yen, rising to 160.90 yen. The euro edged lower to $1.0822.
