Asia Stock Market Rises as Euro Declines After French Election: Market Recap

Money | July 7, 2024, 11:23 p.m.

Asian shares rose as Taiwan Semiconductor Manufacturing Co. fueled gains in the region's equities index. The euro dipped on concerns about France's post-election economic situation. The MSCI Asia Pacific Index climbed, with TSMC hitting a record high after a price target increase by Morgan Stanley. US payroll data further supported the case for Fed interest-rate cuts. Losses in the euro were limited by French election results showing no party won a governing majority. Bitcoin dropped amid fear of token sales by Mt. Gox exchange creditors. China's central bank took steps to control market interest rates. Boeing Co. admitted guilt in a fraud conspiracy related to the 737 Max crashes. French election results eased market worries, with the left-wing coalition falling short of a majority. Events in the US, such as Fed Chair Powell's testimony and inflation data, will shape future trading. Oil and gold prices stabilized, while upcoming events include US bank earnings and rate decisions in New Zealand and South Korea.