Asia stocks surge: Markets hit 3-year high; oil prices edge up despite weekly drop
Representative image (Picture credit: AP)
Asian equities surged to multi-year highs on Friday, mirroring Wall Street's optimism, as easing geopolitical concerns and expectations of interest rate cuts lifted investor sentiment across the region.
Meanwhile, oil prices posted modest gains but remained on track for a significant weekly decline amid easing Middle East supply risks and growing optimism over US-Iran diplomacy.
According to news agency Reuters, MSCI's broadest index of Asia-Pacific shares outside Japan touched its highest level since November 2021 and was last up 0.2%, set to end the week nearly 3% higher.
Japan's Nikkei 225 jumped 1.5%, crossing the 40,000 mark for the first time in five months, supported by improved sentiment and robust earnings.
The rally was buoyed by several positive developments, including a breakthrough between Washington and Beijing on rare earth shipments and news that the US may scrap a controversial tax proposal, a move that had earlier worried foreign investors.
Khoon Goh, head of Asia research at ANZ, was quoted by Reuters as saying that the reversal "allays one of the concerns from foreign investors."
European markets also reflected the upbeat tone, with futures on the EUROSTOXX 50 and Germany's DAX up 0.6%, while FTSE futures climbed 0.16%.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Perdagangkan CFD Emas dengan Broker Tepercaya
IC Markets
Mendaftar
Undo
The optimism comes amid growing speculation that the US Federal Reserve will begin cutting interest rates soon.
As per Bloomberg, a sharp drop in the US dollar has helped lift Asian currencies and fuel demand for regional assets. The Bloomberg Dollar Index is set for its sixth consecutive monthly decline, its worst losing streak since 2017.
With Trump reportedly considering a replacement for Fed Chair Jerome Powell by October, concerns about the Fed's independence have further weakened the greenback.
Investor appetite in Asia has also been driven by blockbuster fundraising activity, with IPO volumes across Hong Kong and Tokyo rising sharply. Regional companies have raised over $90 billion through share sales this year, a 25% increase from the same period in 2024.
In commodities, oil prices rose slightly on Friday but remained poised for their steepest weekly decline in over a year. Brent crude gained 0.41% to $68.01 a barrel, while West Texas Intermediate rose 0.46% to $65.53, Reuters reported.
Despite the modest rise, both benchmarks were down more than 10% this week, reversing gains from the initial surge following the Israel-Iran conflict.
According to the US Energy Information Administration, crude inventories dropped by 5.8 million barrels in the week to June 20, far exceeding expectations, as summer driving demand increased.
Still, a ceasefire between Israel and Iran has eased fears of major disruptions, limiting further gains.
As per Bloomberg, markets are now shifting their attention to upcoming trade decisions in Washington and a crucial OPEC+ meeting on July 6, where production policy for August will be determined.
Reuters quoted Phil Flynn of the Price Futures Group as saying, 'The market is starting to digest the fact that crude oil inventories are very tight all of a sudden,' adding that a weaker dollar is also supporting prices.
Despite lingering uncertainties around US trade tariffs and Iran's future oil exports, the market's focus has returned to fundamentals.
Citi analysts noted that Trump's swift ceasefire push 'suggests he remains sensitive to high oil prices,' potentially capping geopolitical risk premiums.
With investor optimism returning and central banks signalling support, Asia's equity and credit markets appear well-positioned, though analysts warn the road ahead may still hold 'a few more twists,' especially with upcoming trade deadlines.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
30 minutes ago
- Hindustan Times
Man with ₹50 LPA package laid off from US startup struggles to land job despite experience: 'I'm lost'
A man has turned to Reddit to share his job hunt struggles after being laid off from a US-based startup, citing that his unusually high salary, negotiated during the Covid-19 boom, has now become a major obstacle in securing new employment. Laid off from a US startup, a man shared how his ₹ 50 LPA pay became a hurdle in job hunts.(Representational image/Unsplash) (Also read: 'I think people severely underestimate India': US founder praises India's booming startup scene) The user, going by the handle @Pristine-Safety2462, posted in a career advice forum with the title: 'Just got laid off from a US based startup. My CTC is way higher than Indian benchmarks. Am I completely screwed?' In his detailed post, he explained, 'Hey Guys, need some advice on what can I do now. So I joined a startup during COVID days. Negotiated a high CTC (50 LPA), with 4 years of experience. But the startup wasn't doing well in the last year or so, and finally got laid off last week.' He added that although he now has eight years of consulting experience in the SaaS/IT space, recruiters are hesitant once they hear his current package. 'I know I can't expect this much (since I'm non-IIT/IIM and not a coder) but it doesn't seem to matter. I have been telling recruiters that I am open to taking a pay cut, but no one has shown interest so far.' Despite actively applying for roles over the past six months, he claims there has been 'no interest beyond the first call so far.' His main concern now is whether disclosing a lower CTC upfront could backfire during the hiring process. 'If I mention a lower CTC during initial calls, wouldn't it just come up when I share my payslips and offer letter? I'm lost.' Check out the post here: Comments offer mixed suggestions The post received mixed responses from other Reddit users, reflecting a shared sentiment around job market challenges and compensation expectations. One Redditor commented, 'They're afraid you'll keep looking after accepting their offer and then bail. You should clarify that you're aware your CTC was inflated and you're committed. Even offer a 2-year bond if necessary.' Another user advised, 'Never say your pay was above your value. That was the price of risk during Covid. But yes, a bond could help ease employer concerns.' Some highlighted the ongoing correction of Covid-era salaries. 'Take a max of 10-15% cut,' one person suggested, while another added, 'I've met 15 people making 50-60 LPA, and only three were IITians.' (Also read: 'Complete breakdown during video call': Bengaluru man hospitalised after CEO's brutal outburst) A different user suggested a temporary solution: 'What you need is a stopgap employment — a friend, uncle, someone who can offer a short-term job just to normalise your CTC. Then jump.' Another echoed, 'Work via references and network for your job. That works much better.' Meanwhile, a final user noted, 'You're telling us you didn't get any increment during your four years at the startup — that could raise doubts too.'
Time of India
34 minutes ago
- Time of India
Blue Origin Spaceflight launch live: When and where to watch
Private aerospace firm Blue Origin is preparing for another ambitious leap into suborbital space with its next human mission scheduled for Sunday, June 29. Dubbed NS-33, this will be the 13th crewed flight by the Jeff Bezos-founded company, continuing its journey in space tourism and commercial space operations, as per a report by USA Today. Launch Rescheduled Due to Weather Conditions Originally slated for June 21, the Blue Origin rocket launch was delayed multiple times owing to 'persistent high winds' in West Texas. The new targeted liftoff time for NS-33 is 8:30 AM ET on June 29, with backup windows available for Monday, June 30, according to the Federal Aviation Administration, as mentioned in a report by USA Today. The launch will take place at Blue Origin's Launch Site One, a private facility located over 140 miles east of El Paso, near the U.S.-Mexico border. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Ductless Air Conditioners Are Selling Like Crazy [See Why] Keep Cool Click Here Undo Watch the Launch Live Online Enthusiasts and space watchers can witness the event live through Blue Origin's official website. The webcast is expected to begin approximately 30 minutes before the scheduled launch, offering real-time coverage of the countdown, liftoff, and capsule recovery. About Blue Origin and the New Shepard System Founded by Amazon's Jeff Bezos, Blue Origin has become a significant player in the private spaceflight sector, competing with Elon Musk's SpaceX. The New Shepard rocket, named after pioneering American astronaut Alan Shepard, is a reusable 60-foot-tall spacecraft designed for brief suborbital missions. Live Events Bezos himself was part of the first crewed New Shepard flight in July 2021, a milestone that launched the company's space tourism arm. Since then, over 60 individuals have flown aboard New Shepard across various missions. The rocket operates autonomously, with no pilots onboard. The total flight duration is about 11 minutes, including a few minutes of weightlessness for the crew, just above the internationally recognized boundary of space, known as the Kármán Line (approximately 62 miles or 100 km above Earth). NS-33 Crew Roster: Diverse Backgrounds on Board The six-person team selected for NS-33 includes a mix of entrepreneurs, environmentalists, and professionals: Allie Kuehner – Environmental advocate and board member of "Nature is Nonpartisan". Carl Kuehner – Real estate executive and chairman of Building and Land Technology. Leland Larson – Former transportation CEO and philanthropist from Oregon. Freddie Rescigno Jr. – CEO of electrical firm Commodity Cables. Owolabi Salis – Legal and financial consultant. Jim Sitkin – Retired lawyer from California. The Flight Experience: From Supersonic to Soft Landing The mission begins with a vertical liftoff, where the New Shepard rocket reaches over 2,000 mph. After the booster detaches, the capsule coasts into space, allowing passengers to experience microgravity. The booster autonomously returns and lands upright using fins and reverse thrusters. Meanwhile, the crew capsule floats back under three large parachutes, landing gently in the desert of West Texas. Blue Origin's Expanding Horizons Beyond space tourism, Blue Origin is also advancing its orbital program with the massive New Glenn rocket, which completed its inaugural test from Cape Canaveral earlier this year. As the private space race accelerates, Blue Origin's dual-track focus on suborbital flights and orbital ambitions continues to position it as a major industry contender. FAQs What is Blue Origin's NS-33 mission? NS-33 is Blue Origin's 13th human spaceflight mission, part of its New Shepard program focused on suborbital tourism and commercial space operations. When is the NS-33 rocket launch scheduled? The launch is set for Sunday, June 29, at 8:30 AM ET, with a backup window available for Monday, June 30, depending on weather conditions.
&w=3840&q=100)
First Post
an hour ago
- First Post
Weekend Senate session focuses on contentious GOP tax cuts and budget reductions
Republicans are using their majorities in Congress to push aside Democratic opposition, but they have run into a series of political and policy setbacks. Not all GOP lawmakers are on board with proposals to reduce spending on Medicaid, food stamps and other programs as a way to help cover the cost of extending some $3.8 trillion in Trump tax breaks read more The Senate is expected to grind through a rare weekend session as Republicans race to pass President Donald Trump's package of tax breaks and spending cuts by his July Fourth deadline. Republicans are using their majorities in Congress to push aside Democratic opposition, but they have run into a series of political and policy setbacks. Not all GOP lawmakers are on board with proposals to reduce spending on Medicaid, food stamps and other programs as a way to help cover the cost of extending some $3.8 trillion in Trump tax breaks. STORY CONTINUES BELOW THIS AD The 940-page bill was released shortly before midnight Friday. Senators were expected to take a procedural vote Saturday to begin debate on the legislation, but the timing was uncertain and there is a long path ahead, with at least 10 hours of debate time and an all-night voting session on countless amendments. Senate passage could be days away, and the bill would need to return to the House for a final round of votes before it could reach the White House. 'It's evolving,' said Senate Majority Leader John Thune, R-S.D., as he prepared to close up the chamber late Friday. The weekend session could be a make-or-break moment for Trump's party, which has invested much of its political capital on his signature domestic policy plan. Trump is pushing Congress to wrap it up, even as he sometimes gives mixed signals, allowing for more time. At recent events at the White House, including Friday, Trump has admonished the 'grandstanders' among GOP holdouts to fall in line. 'We can get it done,' Trump said in a social media post. 'It will be a wonderful Celebration for our Country.' The legislation is an ambitious but complicated series of GOP priorities. At its core, it would make permanent many of the tax breaks from Trump's first term that would otherwise expire by year's end if Congress fails to act, resulting in a potential tax increase on Americans. The bill would add new breaks, including no taxes on tips, and commit $350 billion to national security, including for Trump's mass deportation agenda. STORY CONTINUES BELOW THIS AD But the spending cuts that Republicans are relying on to offset the lost tax revenues are causing dissent within the GOP ranks. Some lawmakers say the cuts go too far, particularly for people receiving health care through Medicaid. Meanwhile, conservatives, worried about the nation's debt, are pushing for steeper cuts. Sen. Thom Tillis, R-N.C., said he is concerned about the fundamentals of the package and will not support the procedural motion to begin debate. 'I'm voting no on the motion to proceed,' he said. Sen. Ron Johnson, R-Wis., pushing for deeper cuts, said he needed to see the final legislative text. The release of that draft had been delayed as the Senate parliamentarian reviewed the bill to ensure it complied with the chamber's strict 'Byrd Rule,' named for the late Sen. Robert C. Byrd, It largely bars policy matters from inclusion in budget bills unless a provision can get 60 votes to overcome objections. That would be a tall order in a Senate with a 53-47 GOP edge and Democrats unified against Trump's bill. STORY CONTINUES BELOW THIS AD Republicans suffered a series of setbacks after several proposals were determined to be out of compliance by the chief arbiter of the Senate's rules. One plan would have shifted some food stamp costs from the federal government to the states; a second would have gutted the funding structure of the Consumer Financial Protection Bureau. But over the past days, Republicans have quickly revised those proposals and reinstated them. The final text includes a proposal for cuts to a Medicaid provider tax that had run into parliamentary objections and opposition from several senators worried about the fate of rural hospitals. The new version extends the start date for those cuts and establishes a $25 billion fund to aid rural hospitals and providers. Most states impose the provider tax as a way to boost federal Medicaid reimbursements. Some Republicans argue that is a scam and should be abolished. The nonpartisan Congressional Budget Office has said that under the House-passed version of the bill, some 10.9 million more people would go without health care and at least 3 million fewer would qualify for food aid. The CBO has not yet publicly assessed the Senate draft, which proposes steeper reductions. STORY CONTINUES BELOW THIS AD Top income-earners would see about a $12,000 tax cut under the House bill, while the poorest Americans would face a $1,600 tax increase, the CBO said. One unresolved issue remains the so-called SALT provision, a deduction for state and local taxes that has been a top priority of lawmakers from New York and other high-tax states. The cap is now $10,000. The White House and House Republicans had narrowed in on a plan for a $40,000 cap, but for five years instead of 10. Republican senators says that's too generous. At least one House GOP holdout, Rep. Nick LaLota of New York, said he cannot support the compromise. Senate Democratic leader Chuck Schumer of New York said Republicans are rushing to finish the bill before the public fully knows what's in it. 'There's no good reason for Republicans to chase a silly deadline,' Schumer said. House Speaker Mike Johnson, who sent his colleagues home for the weekend with plans to be on call to return to Washington, said they are 'very close' to finishing up. STORY CONTINUES BELOW THIS AD 'We would still like to meet that July Fourth, self-imposed deadline,' said Johnson, R-La. With the narrow Republicans majorities in the House and Senate, leaders need almost every lawmaker on board to ensure passage. Johnson and Thune have stayed close to the White House, relying on Trump to pressure holdout lawmakers.
