Japan household spending, RBA rate decision
Employees work in the trading room inside the Mitsubishi UFJ Trust and Banking head office in Tokyo, Japan, on Tuesday, March 19, 2024.
Bloomberg | Bloomberg | Getty Images
Japan stocks rebounded on Tuesday, following an over 12% drop in the Nikkei 225 and the Topix in the previous session. The broader Asia-Pacific market was also set to recover, futures data showed.
Japan’s Nikkei 225 and the broad-based Topix climbed over 7% on open. On Monday, the Nikkei saw its largest loss since Black Monday in 1987.
The Yen weakened over 2% to trade at 146.02 against the U.S. dollar.
South Korea’s Kospi jumped almost 3% while the small cap Kosdaq was up 3.75%. The rebound comes after South Korean markets were halted temporarily on Monday after circuit breakers activated.
Australia’s S&P/ASX 200 opened up 0.16%.
Japan June household spending numbers showed a larger-than-expected fall year over year, dropping 1.4% in real terms. The average monthly income per household was up 3.1% in real terms from the previous year. The larger than expected fall could restrain the BOJ’s plans to raise rates.
Hong Kong Hang Seng index futures were at 16,781, lower than the HSI’s last close of 16,698.36.
The Reserve Bank of Australia will release its RBA cash rate later today, with economists expecting the rate to remain steady at 4.35%.
Overnight in the U.S., the 30-stock Dow and the S&P 500 notched their worst sessions since September 2022.
The Dow dropped 1,033.99 points to end 2.6% lower, while the S&P 500 slid 3%. The Nasdaq Composite shed 3.43% ending 15% off its closing high.
—CNBC’s Hakyung Kim, John Melloy and Sarah Min contributed to this report.
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