Asian stock market indexes are trading higher ahead of Powell’s Testimony

Stock Market Today: Good morning and welcome to the morning reports, Indian markets will be shut down today on account of Holi. 

 

Asian stock market indexes updates

 

Asian stock market indexes are trading higher, as investors await the central bank of Australia’s interest rate decision and a slew of economic data across the region. The key market indexes Nikkei, Hang Seng, and Shanghai are trading higher by 0.42 percent, 1.83 percent, and 0.52 percent respectively. SGX Nifty is trading flat to positive at 17793 levels.

 

U.S. stock market indexes update

 

The US stock market indexes pared early gains and closed mixed on Monday, as investors awaited Fed Chair Jerome Powell’s testimony on Tuesday and important labor market data at the end of the week. The US Treasury yields turned positive ahead of Powell’s testimony which can give clues on further monetary policy tightening.

The Growth stocks such as tech trimmed some early gains but Apple, Microsoft, and Alphabet witnessed some buying. Mining stocks were the worst performer on Monday. The key US market indexes, Dow Jones and S&P 500 closed higher by 0.12 percent and 0.07 percent respectively while Nasdaq was down by 0.11 percent on Monday

 

European stock market indexes update

 

European stock market indexes closed mixed on Monday after the release of soft economic data and hawkish comments from the European Central Bank’s chief economist. The sentiment was hit and the mining stocks fell sharply, as China announced a growth target of 5 percent this year, investors feel disappointed as the market expected 5.5 percent.

The pan-European Stoxx 600 was closed slightly lower by 0.02 percent on Monday. Mining stocks closed sharply lower while the travel and leisure stocks ended higher. The key European market indexes CAC and DAX closed higher by 0.34 percent and 0.48 percent respectively while FTSE was down by 0.22 percent on Monday.

 

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