Market update: Asia-Pacific stocks retreat from near record highs

Investing.com – Asia Pacific’s major stock markets opened lower today (Wednesday, January 3, 2024), reflecting a lower start to the year.

It was down 1.1% as of 11:20am ET (12:20am GMT), while the index was down 1.3%.

U.S. stocks were also lower on Tuesday afternoon as investors decided to cash in on gains from 2023 gains, pushing the index closer to a new record. Most major stock indexes were in the red. The Nasdaq suffered the most significant losses, falling more than 1%, as shares of Apple (NASDAQ: NASDAQ: ) and major chip companies came under pressure.

The commodity market fell 1.36% to US$75.99/barrel, while also falling 0.22% to US$2,058.43/barrel. In contrast, prices rose 2.2% to $141.75/ton.

In the local bond market, the Australian Treasury bond interest rate rose slightly to 3.74%, and the interest rate also rose to 4.00%. U.S. Treasury bonds rose slightly, with interest rates rising to 4.32%, an increase of 3.94%. Copper prices fell to 65.57 cents from the previous closing price of 68.10 cents.

In Asia, Chinese stocks closed lower on the first trading day of 2024. Investors remain hopeful for more fiscal and monetary stimulus to end the bearish cycle. Hong Kong stocks ended lower, driven mainly by real estate stocks and consumer-related stocks. SGX futures fell 320 points, possibly due to a slight rise in the yen. Indian stocks also ended lower, following losses in most markets in the region.

In Europe, stocks gave up earlier gains, although Danish shipping giant Maersk edged up 6% after it said it would suspend Red Sea routes indefinitely after one of its ships was attacked over the weekend. Despite rising 0.1%, the index fell 0.2% and retreated 0.3%.

It closed down 0.15% at 7,721 points on Tuesday, off a seven-month high and in line with global peer indexes. In North America, U.S. stocks were lower on Tuesday afternoon as investors took profits and pulled back after a 2023 rally that left the S&P 500 just shy of a new high.