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Asian Mkts Advance Amid Cooling Rate Hike Expectations; KOSPI Rebounds 4%+ After 3.5% Slump; Nikkei Picks Up 800Pts+ After Plunging 1,000Pts+
2026-07-03 12:33:10
The latest US non-farm payrolls showed a marked slowdown in hiring activity, cooling off expectations for Fed rate hikes. The DJIA hit a record high overnight (2nd), but profit-taking in tech stocks dragged the Nasdaq into negative territory, leaving the three major US stock indices mixed at the close. Memory chip stocks remained under pressure, with Micron Technology, Inc. (MU.US) diving 5.5% and Sandisk Corporation (SNDK.US) plunging 14.1%. Space Exploration Technologies Corp. (SPCX.US) leaped 2.8%. US markets will be closed tonight (3rd) for the Independence Day holiday.

Major Asia-Pacific stock markets broadly moved higher this morning (3rd), with sharp swings in Japanese and South Korean equities. Mainland China's A-share markets traded higher in the morning session. The Shanghai Composite Index closed the half-day session at 4,056, up 27 points or 0.69%, while the Shenzhen Component Index gained 215 points or 1.39% to 15,714. Hong Kong bourse rallied 361 points or 1.57% by midday to 23,416, with turnover of HKD166.08 billion.

Japan's Nikkei fluctuated wildly. After opening down 57 points this morning, it once plunged 1,123 points in early trading to bottom at 67,609 before rebounding. It was last at 69,559, up 826 points or 1.2%. Pharmaceuticals advanced, with Shionogi & Co. (4507.JP), Chugai Pharmaceutical (4519.JP) and Sumitomo Pharma (4506.JP) growing 4-4.6%. Heavyweight Fast Retailing (9983.JP) gained 4.1%. SoftBank Group (9984.JP) fell 2.7%. MLCC makers Murata Manufacturing (6981.JP) and Taiyo Yuden (6976.JP) dropped 0.7-1.7%. Memory chip maker Kioxia (285A.JP) rebounded 7.1%. Optical fiber stock Fujikura (5803.JP) fell off 2.3%.

South Korea's KOSPI rattled drastically. After opening up 91 points or 1.2%, it once reversed to a loss of 269 points or 3.5% in early trading, hitting a low of 7,378, before rebounding. It was last at 7,975, up 327 points or 4.3%. Samsung Electronics once fell 0.9% before reverting up 7.7%. SK Hynix reversed gains after dropping 6.5% earlier and was last up 5.8%.
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AASTOCKS Financial News
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