Stock Market Live Updates 06 December 2023: Asian markets rise on US tech rally and labour data review

Asian stocks opened on Wednesday on a positive note, bolstered by the uptick in US high-tech shares amidst evaluations of US labour market data indicating a slowdown. 

In early trading, the Japanese Nikkei 225 index surged by 1.38%, gaining 451.11 points to hit 33,226.93, while the broader Topix index rose by 1.18%, adding 27.65 points, reaching 2,370.34. Meanwhile, South Korea’s KOSPI climbed by 0.21%, trading at 2,500.27 after most stocks experienced declines on Wall Street the previous day. The S&P 500 slipped by 0.1% to 4,567.18, marking its first consecutive losses since October. The Dow Jones Industrial Average decreased by 0.2% to 36,124.56, while the Nasdaq composite rose by 0.3% to 14,229.91.

Meanwhile, Moody’s Investors Service downgraded its outlook for Chinese sovereign bonds to ‘negative,’ highlighting global worries over the country’s soaring debt. While maintaining an A1 long-term rating, Moody’s expressed concerns about China’s heavy reliance on fiscal stimulus for local entities and state-owned firms, posing economic risks. With China intensifying borrowing to support its economy amid a property downturn, apprehensions grow about the record bond issuance in 2023.

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