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Asia stock markets mixed
Asia markets were mixed Tuesday as investors assesses China's GDP growth projections of "around 5%" for 2024. The mainland's CSI 300 index climbed while Hong Kong's Hang Seng index fell. Overnight, Wall Street retreated despite a rally in tech stocks tied to the artificial intelligence boom. The Dow lost about 97 points, while the S&P 500 fell 0.12%. The Nasdaq Composite dropped 0.41%. Bitcoin topped $68,000 and inched closer to its 2021 all-time high.
China sets GDP target
China set an economic growth target of "around 5%" for 2024. The goals for GDP and other economic indicators were published at the National People's Congress annual meeting. The country will also boost its defense spending by 7.2% to 1.67 trillion yuan in 2024, according to a Ministry of Finance budget report.
Does Nikkei's rally have legs?
Japan's Nikkei stock index has seen a record-breaking rally. This has raised doubts on whether the momentum is sustainable given the country's economic struggles. The Nikkei 225 surpassed the 40,000 mark on Monday, with some economists predicting it still has room to climb, while others expect a correction.
Gold sets new record
Gold rose above $2,100 to the highest level ever as traders bet the Federal Reserve will start cutting interest rates in the second half of the year. When rates fall, gold prices typically rise as investors seek a safe haven alternative to bonds which become less attractive as their yields decline. $S&P 500 Index(.SPX.US)$ $iShares MSCI Japan ETF(EWJ.US)$ $iShares MSCI Japan Value ETF(EWJV.US)$ $SPDR® S&P 500 ETF(SPY.AU)$