2024-07-05 18:34:12
On the 4th, when the U.S. stock and bond markets were closed for Independence Day, global markets were busy. In particular, the rise in Asian stock markets was noticeable.
On this day, Japan’s Nikkei 225 and Topix indexes both hit record highs. The TOKYO Stock Exchange, which reflects the stock prices of all companies listed on the First Section of the Tokyo Stock Exchange,The last time the Fix Index hit a record high was in December 1989, 35 years ago.The blue-chip-heavy Nikkei 225 index also broke its previous record set in February on the same day.
There is an analysis that the recent daily rise in the Japanese stock market is the ‘Trump effect’. It is believed that former President Trump’s tax cut and fiscal expansion policies will be good news not only for the United States but also for Japanese companies. In addition, the super yen, which has fallen to 161 yen per dollar, and Japanese companies’ shareholder return policies are also positive factors.
Especially on this day SoftBank Group shares soar 4.5% to highest since February 2000It is noticeable that it recorded a record. There is an evaluation that the AI bet of Chairman Son Jeong-ui, who was called the ‘minus hand’ due to the failure of large-scale investments, is finally seeing the light. “As the number of investors who see Softbank as a semiconductor-related stock increases, it is experiencing another upward trend” (Tomoaki Kawasaki, analyst at Iwai Cosmo Securities) is the analysis.
Taiwan’s stock index also hits new high todayTSMC shares closed at NT$1,005, up 2.6%. It is the first time that they have surpassed the NT$1,000 mark. India’s Sensex and Nifty 50 indices also renewed their all-time highs for the second consecutive trading day.
As the global bull market continues, the news that the biggest ‘bear’ on Wall Street has been fired is drawing attention. It’s JP Morgan’s chief market strategist Marko Kolanovic. He has been pessimistic about the US recession for the past two years, and he was eventually fired. Last week, he also predicted that the S&P 500 would fall 24% by the end of the year.
Kolanovic, a derivatives strategist, became a star in March 2020 when he predicted a record-breaking stock market rally after the market bottomed out due to the coronavirus. But he has become a market outcast since 2022, consistently calling for a selloff. “My bad side is that sometimes I can look too far ahead. ‘Too early’ in finance means ‘wrong.’” By. Deep Dive
*This article is the online version of the Deep Dive newsletter published on the 5th. Subscribe to Deep Dive, the ‘economic news that you’ll get hooked on as you read’ newsletter.
Reporter Han Ae-ran [email protected]
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2024-07-05 18:34:12