Benchmark indexes in Asia closed higher following the rise in the U.S. and Europe. Asian markets advanced on the hopes that the cooling of inflation in July in the U.S. may moderate future interest rate hikes.
Global markets advanced with the cooling of consumer prices in the U.S., Germany, and China. Tech powered rally led the S&P 500 and the Nasdaq Composite to three-month highs.
Coinbase said assets held and trade volume on the platform plunged. Sweetgreen said it plans to trim staff and operating expenses and take a charge in the next quarter. Tesla chief sells stake, Trade Desk soars on revenue optimism.
Stocks on Wall Street surged after consumer inflation eased but stayed near four-decade high. The decline in gasoline prices in the month was wiped out by the rise in food and housing costs.
Consumer prices remained high but the growth moderated after energy prices eased in July. Core index, which excludes food and energy prices, rose on a monthly and annual basis.
The Nasdaq Composite index fell for the third day in a row. Semiconductor sector led the decliners on weak demand for memory chips and high-end graphic processors.
Benchmark indexes gave up morning gains following three weeks of rise in a row. Crude oil traded volatile after a fire at Cuba's central fuel storage engulfed a third large tank on Monday.
Berkshire Hathaway swung to a quarterly loss on but earnings soared on rising insurance-investment income. Barrick Gold said gold production was stable but copper production rose in the second quarter. Nvidia plunged after missing its revenue outlook.
Stocks on Wall Street rested after advancing for three weeks in a row. Tech stocks fell after Nvidia reported a large shortfall in revenues. Investors looked ahead to the inflation report on Wednesday.
The Nikkei index in Japan closed higher following the advance in Friday's trading in New York. Tech stocks in China fell but indexes in Shanghai advanced . China's exports soared 18% despite the supply chain disruptions.
U.S. and global market indexes turned cautious after the latest U.S. labor market report. Strong job additions in July showed the labor market strength but also advanced the case for a higher and faster interest rate increases.
Stocks rebounded from the lows of the session and bond yields rose after the payrolls expanded at a faster pace in four months. The labor market strength raised the prospect of a larger rate increase at the next Fed's meeting.
Asian markets advanced and investors shifted focus to the latest batch of earnings. China is holding its largest-ever military exercises over Taiwan and landed at least five missiles near the southernmost islands of Okinawa, Japan.
Stocks on Wall Street lacked direction ahead of the release of labor force status Friday and payrolls expansions are expected to slow considerably in July. Gasoline demand at retail stations are near the lows seen two years ago at the height of the Covid-19 pandemic.
