AI Frenzy Propels Wall Street to New Heights Amid Mixed Asian Market Trends

While Wall Street reaches new highs driven by artificial intelligence technology, Asian markets present mixed outcomes. Japan's Nikkei jumps 0.7% following stable monetary policies, while Australia's S&P/ASX and Hong Kong's Hang Seng see declines. Inflation updates in the U.S. hint at possible interest rate cuts, influencing various market sectors unevenly.


PTI | Tokyo | Updated: 14-06-2024 15:16 IST | Created: 14-06-2024 15:16 IST
AI Frenzy Propels Wall Street to New Heights Amid Mixed Asian Market Trends
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Artificial intelligence technology has once again propelled Wall Street to unprecedented heights, with the S&P 500 and Nasdaq achieving new records. Despite this tech-driven surge, Asian markets displayed a patchwork of outcomes. Japan's Nikkei 225 rose by 0.7% following the Bank of Japan's decision to maintain its monetary policy, albeit with a future plan to reduce government bond purchases.

On the flip side, Australia's S&P/ASX 200 dipped 0.3%, and Hong Kong's Hang Seng slipped 0.7%. China's Shanghai Composite also fell by 0.2%. In the U.S., inflation data suggested a potential easing of interest rates by the Federal Reserve later this year.

Mixed economic signals also emerged in the bond market, with Treasury yields dropping due to lower-than-expected inflation at both consumer and wholesale levels. Amid these complexities, sectors most tied to economic strength, such as oil-and-gas producers, lagged behind, while AI investments continued their upward trajectory.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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