Asian and European stocks gain on tech boost
Stock markets in Asian and European markets rose today, Monday, driven by gains in technology companies and falling oil prices, as investors await important meetings between U.S. President Donald Trump and Chinese President Xi Jinping. The MSCI index for Asia and the Pacific, excluding Japan, increased by 0.3%, and South Korea’s index rose by 1.1%. In Europe, the Stoxx 600 index gained 0.6%, while Germany’s DAX rose by 0.76%, supported by a 2% rise in technology stocks and help from the chip manufacturing sector. The energy sector declined amid falling oil prices, while the travel sector increased by 0.86%. In the currency market, the Japanese yen rose to 156.85 yen per dollar after the Bank of Japan raised interest rates to 1.25%, the highest level in 31 years. The dollar indices fell to around 100.23 points after strong gains last week, amid expectations of further U.S. interest rate hikes. Oil prices declined amid hopes of easing the U.S.-Iran conflict, and gold prices fell due to rising interest rates and yields, as markets await upcoming diplomatic and economic developments.
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