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Asian markets open H2 flat on Monday
Nada Ali Published in Amwal Al Ghad on 01 - 07 - 2024

Asian markets kicked off the second half of the year with a subdued tone on Monday, as traders weighed the outcome of France's election and awaited further cues on US interest rates.
The broader MSCI index for Asia-Pacific stocks edged up 0.07 per cent, adding to its seven per cent year-to-date gains. Japan's Nikkei rose 0.57 per cent, while China's blue-chip CSI 300 dipped 0.45 per cent and Hong Kong's Hang Seng remained flat.
China's manufacturing data sent mixed signals. A private survey showed the fastest growth in over three years, but an official PMI released on Sunday indicated a decline.
Investors are closely watching the US Federal Reserve's interest rate plans. Despite stable US inflation data in May, markets expect at least two rate cuts this year, with a 63 per cent chance of a September cut according to the CME FedWatch tool.
The yen weakened to 160.98 per dollar after a downward revision of Japan's GDP data. The euro, on the other hand, strengthened to a two-week high of $1.076175, pushing the US dollar index lower.
Oil prices also edged higher, with Brent crude futures up 0.39 per cent and US West Texas Intermediate crude gaining 0.42 per cent.
Attribution: Reuters

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