Grasp Seng Index to Finish 4 12 months Dropping Streak as Nikkei and ASX 200 See Purple…

Traders booked earnings for the second straight session, pushed by persistently excessive US Treasury yields. Market jitters a couple of much less dovish Fed charge path drove buyers to exit positions as 2024 drew nearer to an in depth.

Bitcoin (BTC) continued its retreat from the December 17 all-time excessive of $108,231. On Monday, it fell to a session low of $91,269. The pullback impacted demand for crypto-related shares, which continued to weigh on the Nasdaq.

MicroStrategy (MSTR) tumbled eight.19%, whereas Marathon Holdings (MARA) slid by 6.24%.

Monday’s US market losses will doubtless set the tone for the Tuesday Asian session.

US Information Helps a Much less Dovish Fed Fee Path

On Monday, pending house gross sales and Dallas Fed Manufacturing Index numbers painted a rosier image of the US economic system. Pending house gross sales climbed 2.2% in November, constructing on October’s 1.eight% improve. Economists view the housing market as a barometer for the US economic system. Rising demand might drive home costs and rents increased, fueling housing providers and demand-driven inflation.

The Dallas Fed Manufacturing Index additionally stunned on the upside, climbing three.four% in December. Economists anticipated a zero.four% decline after falling 2.7% in November.