Market resurgence: Wall Street's gain spreads to Asia

Tech giants drive market optimism amidst wall street's rally

By Farah Mourad | 24 April 2024

Market open
  • Commodities Gain Ground Amid Weaker US Dollar

  • Tesla's Stock Surges Despite Underwhelming Results

  • Investors Eyeing Growth Opportunities in Chinese Equities

Wednesday's market outlook paints a positive picture, building on the momentum of yesterday's bullish run-on Wall Street. The optimism spreads across the globe as Asian markets follow suit, echoing the positive sentiment.

US Stocks

The surge in Wall Street indices yesterday found support in weaker PMI data, prompting a dovish response across various asset classes. Noteworthy among the catalysts is Tesla's performance, where despite falling short of estimates, the company's shares soared by 13% post-session. The market's attraction to Tesla's news of ramping up production for new models in the latter half of 2025 outweighed the disappointment in its financial results. Meanwhile, Apple's foray into developing its own AI server processor, adds another layer of intrigue to the tech landscape.

General Electric stands tall with better-than-expected results and a bullish full-year outlook. Adding fuek to the bullish momentum in the tech sector, the company's management proposed a hefty $15 billion share buyback.

Chinese Market

The PBOC's setting of the average USD/CNY fixing at 7.1048 (against the estimated 7.2363) injects optimism into the Chinese benchmarks. This move, coupled with upward revisions in forecasts by Goldman Sachs for the Chinese stock market, fuels the bullish wave in Chinese indices during the session.


Gold and crude oil mark modest gains during the Asian session in the wake of a weaker US dollar, propelled further by disappointing PMI figures.