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Equities rose in Japan, South Korea and Sydney, with futures pointing to a soft open in Hong Kong. US contracts edged higher in Asia after the S&P 500 rose 0.6% Monday. The Nasdaq 100 added 1.1%. Nvidia Corp. hit a record high ahead of a speech by chief executive Jensen Huang.
An index of dollar strength has pared losses after Donald Trump denied a Washington Post report that the President-elect’s aides were exploring tariffs that only cover critical imports. The greenback fell as much as 1% Monday before narrowing the loss to 0.6%. It edged higher early Tuesday in Asia.
Investors in the region will likely focus on Chinese tech firms after Tencent Holdings Ltd. and Contemporary Amperex Technology Co. were among several companies that were labeled the country’s military entities in a Federal Register filing. Tencent’s depositary receipts slid after the Pentagon’s move.
Treasuries were steady in Asia Tuesday after the yield on the 30-year note climbed to the highest in more than a year on Monday, while that on the benchmark 10-year paper rose three basis points to 4.63%.
The yen dropped to 158.15 per dollar, the weakest since July 2024, as traders continued to react to strong US data released during a local holiday last week. The currency may weaken further ahead of US jobs data on Friday, according to strategists.The past two days’ recovery “shows just how strong the ‘buy the dip’ mentality still is,” said Mark Hackett at Nationwide. “Investors continue to lean heavily on tech. Looking ahead, 2025 won’t be a year for easy double-digit gains by solely investing in the S&P 500. Success in this market will require more discipline and creativity from investors.”The Canadian dollar advanced after Prime Minister Justin Trudeau announced his resignation as head of the Liberal Party, triggering a contest to replace him.
Friday’s report is expected to show employers tempered hiring to wrap up a year of moderating yet still-healthy labor market. The data is unlikely to alter the view of Fed officials that they can slow the pace of rate cuts amid a durable economy and inflation that’s dissipating only gradually.
Fed Governor Lisa Cook said Monday that policymakers can proceed more cautiously amid a sturdy labor market and lingering inflation pressures.
Elsewhere, Bitcoin topped $100,000. Oil steadied after its first drop in six sessions, as technical markers showed the recent rally may have gone too far.
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