The Asian stock markets are expected to open with modest gains on Tuesday after being oversold last week - although the bargain hunting may be limited by persistent concerns from Europe.
Spain may see another economic contraction in the second quarter of this year, Economy Minister Luis De Guindos reportedly said on Monday. The minister also denied that Spain needs any kind of external aid for its banking sector. Last week, Moody's downgraded 16 Spanish banks, citing rising loan defaults and restricted funding access.
The major U.S. averages finished firmly higher on Monday as the Dow rose 135.10 points or 1.1 percent to finish at 12,504.48, while the NASDAQ jumped 68.42 points or 2.5 percent to end at 2,847.21 and the S&P 500 climbed 20.77 points or 1.6 percent to 1,315.99.
The major European markets also moved higher on Monday as the DAX of Germany climbed by 0.95 percent and the CAC 40 of France finished higher by 0.64 percent. The FTSE 100 of the U.K. dropped by 0.47 percent, but the SMI of Switzerland rose by 0.29 percent.
The Asian markets were mostly higher on Monday as South Korea's KOSPI climbed 0.94 percent, while Taiwan jumped 0.57 percent, Malaysia collected 0.42 percent, Singapore's Straits Times gathered 0.40 percent, Japan's Nikkei was up 0.3 percent, India gathered 0.19 percent and China's Shanghai Composite added 0.16 percent.
Moving lower, Thailand plummeted 1.67 percent, while Indonesia dropped 1.01 percent and Hong Kong's Hang Seng eased 0.16 percent.
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Market Analysis