Asian stocks mixed after Dow sets new record

Hong Kong's Hang Seng index fell 1.5% to 17,747.65 and the Shanghai Composite Index fell 0.4% to 2,963.25.

The markets were still digesting all of the weaker economic data The Chinese government report came on Monday, when the government reported that annual economic growth fell from 5.3 percent in the first quarter to 4.7 percent in the April-June quarter.

That has led some economists to cut their growth forecasts. Goldman Sachs downgraded its forecast for China’s annual economic growth to 4.9%, from a previous estimate of 5.0%. JP Morgan cut its forecast for China’s full-year 2024 GDP growth to 4.7%, from a previous projection of 5.2%.

Further policies are expected to be released this week. four-day economic meetinga closed-door plenary meeting of the ruling Communist Party. It is expected to set out strategies and policies for the coming decade, in line with leader Xi Jinping's drive to pursue advances in future technologies.

South Korea's Kospi gained 0.3% to 2,869.15 and Australia's S&P/ASX 200 fell 0.1% to 8,011.10.

Monday, Wall Street the momentum continued to drive to the top.

The S&P 500 rose 0.3% to 5,631.22 points, finishing just below its all-time high set last week. It just had its 10th winning week in the past 12, buoyed in large part by expectations that inflation slows down enough to convince the Federal Reserve to Lower Interest Rates Soon.

The Dow Jones Industrial Average climbed 0.5% to 40,211.72 and set its own record, while the Nasdaq Composite added 0.4% to 18,472.57 and finished just below its high.

Some of the best-performing sectors in the market are those that do best when former President Donald Trump's chances of being elected look brighter. Trump Media and Technology Groupthe company behind Trump's Truth Social platform, jumped 31.4%. Bitcoin surpassed $64,000 after Trump, who has run as a candidate in favor of cryptocurrenciesSurvived an assassination attempt during the weekend.

Trump could get an immediate boost in poll support, as President Ronald Reagan did in 1981, according to Isaac Boltanksy, director of political research at BTIG, and “Trump's challenge after the attack” could be the defining image of this electoral cycle” . “

Long-term Treasury yields have also risen relative to short-term yields, with the 10-year Treasury yield climbing to 4.22% from 4.19% last Friday. Something similar happened after last month's rate hike. debate between Trump and President Joe Biden, as traders jockeyed for a Republican victory in November that could ultimately mean policies that increase the US government debt.

Shares of big financial companies, which could benefit from regulatory relief from a Republican administration, also helped lift the market. JPMorgan Chase climbed 2.5% and was one of the most powerful forces behind the S&P 500's rise.

Investment bank Goldman Sachs rose 2.6% after reporting higher profits and revenues for the last quarter than analysts expectedBlackRock, the asset manager behind iShares exchange-traded funds, fell 0.6% after beating profit forecasts but missing revenue.

For about a year nowThe Fed kept its key interest rate at its highest level in more than two decades. Lower rates would ease pressure that has built up on the economy because of the high cost of borrowing to finance spending. buy housescars or anything on credit cardFed officials, however, have said They want to see “more good data” on inflation before acting.

In a speech to the Economic Club of Washington, Federal Reserve Chairman Jerome Powell said: Again On Monday, he gave no word on when the Fed might cut interest rates. But he also said Fed officials were aware of the risks of waiting too long or too short. Cuts that are too late could send the U.S. economy into a recession, while cuts that are too aggressive could allow inflation to accelerate again.

In other trading, benchmark U.S. crude oil fell 23 cents to $81.68 a barrel in electronic trading on the New York Mercantile Exchange.

Brent, the international benchmark, lost 21 cents to $84.64 a barrel.

The US dollar rose from 158.01 to 158.56 Japanese yen. The euro fell from 1.0894 to 1.0891 dollars.

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AP Business reporter Stan Choe contributed to this report.

Credits: AP

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