Asian stocks under pressure on last trading day of 2024

Australian stocks fell about 0.7% in early trade Tuesday, with futures also pointing to a downbeat open in Hong Kong. A gauge of regional equities is set for its first quarterly loss this year. US contracts edged lower in Asia, following declines for both the S&P 500 and the Nasdaq 100.

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Asian shares are under pressure on the last trading day of the year, after weakness in the technology sector extended losses on Wall Street for a third session. Australian stocks fell about 0.7% in early trade Tuesday, with futures also pointing to a downbeat open in Hong Kong.

A gauge of regional equities is set for its first quarterly loss this year. US contracts edged lower in Asia, following declines for both the S&P 500 and the Nasdaq 100. The Bloomberg Dollar Spot Index was steady and on track for its best year since 2015.



Several Asian markets are either shut or open for half day Tuesday, while those in Japan are closed from Tuesday through Jan. 6. The cautious tone partly reflects lingering concerns about the stamina of Wall Street’s rally this year that was predominantly driven by the so-called Magnificent Seven cohort of US tech giants.

It’s also an indication of uncertainties facing investors in 2025, ranging from President-elect Donald Trump’s protectionist policies to the Federal Reserve’s outlook and the health of China’s economy. “Investors are in wait-and-see mode,” Noel Dixon, senior macro strategist at State Street Corp., told Bloomberg Television.

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In the latest sign of unabated tensions between Beijing and Washington, the US Treasury Department said it was hacked by a Chinese state-sponsored actor through a third-party software service provider. Back in the US, Treasuries rallied on Monday after Chicago Purchasing Managers’ Index data showed an unexpected decline. Data on Monday also showed pending sales of US homes increasing for a fourth month in November to the highest level since early 2023.

As for commodities, oil headed for a small annual loss after months locked in a narrow trading range, with the market facing the prospect of a turbulent year ahead. (You can now subscribe to our ETMarkets WhatsApp channel ).