03/01/2025 Daily Reports
Asian Stocks Rebound While European Futures Slip Amid Global Economic Uncertainty
- Asian shares climbed on Friday, with gains in South Korea, Hong Kong, and Australia, reversing some of the global market’s recent weakness.
- US and Asian futures rose ahead of key American manufacturing data, while European stock futures slipped by 0.1%.
- Chinese equities continued to struggle, marking their worst start to the year since 2016, as economic concerns deepened, pushing the nation’s 10-year bond yield below 1.6% for the first time.
- US markets ended Thursday with a fifth consecutive loss, despite a strong labor market reflected by an eight-month low in unemployment claims.
- Federal Reserve Chair Jerome Powell’s hawkish stance dampened hopes for rate cuts.
- Analysts, including Lisa Shalett of Morgan Stanley, foresee challenges for the dominant tech sector in 2025, warning of potential shifts in market leadership.
- In commodities, gold headed for its largest weekly gain since November, while Bitcoin fell after a four-day rally.
- Meanwhile, President Biden blocked the $14.1 billion sale of US Steel to Japan’s Nippon Steel, raising concerns over the industrial giant’s future.
- Investors also eye the US House Speaker vote and its implications for Trump’s agenda.
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