The US stock markets were closed yesterday in observance of Independence Day. On Friday, Asian stock markets experienced a decline, with the Asia Dow index down 0.3 percent and the Nikkei index decreasing by 0.04 percent in Japan and the TOPIX index by 0.4 percent. In mainland China and Hong Kong, stocks also saw a decline of around one percent.
Despite the current downward trend, this week is still likely to be the strongest in Asian stock markets since mid-May. However, Chinese stocks have been on a consistent decline for the seventh consecutive week. The CSI 300 index has fallen to levels not seen since the beginning of the year after experiencing a rise in spring.
Shares in India and Taiwan also fell on Friday, while South Korea stood out with a strong rise due to Samsung’s strong results report that led to a 2.3 percent increase in stock price, reaching its highest level since January 2021. The company’s growth in turnover and profit was significant, particularly in memory chip sales.
In the foreign exchange market, the yen strengthened against both the dollar and euro. Investors are eagerly awaiting the US labor market report for June with expectations of a decrease in new jobs compared to May. Meanwhile, cryptocurrency bitcoin has been on a downward trend for four consecutive days as it continues its journey towards finding its footing once again.
Looking ahead, European stock exchanges are expected to open mildly higher based on futures as investors continue to navigate through these uncertain times and make informed decisions about their investments portfolio diversification strategies.
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