On May 11, 2024, workers were processing chips at an optoelectronic technology workshop in Huai’an, China. In the financial markets, Japan’s Nikkei 225 was poised for a rebound, with futures in Chicago at 39,870 and Osaka at 39,670, compared to the index’s last close of 39,307.05. Conversely, Australia’s S&P/ASX 200 rose by 0.31%, signaling a potential fourth consecutive day of gains. Hong Kong’s Hang Seng index, however, was anticipated to open weaker, with futures trading at 19,664 versus a previous close of 19,688.29. The attention was drawn to Hong Kong-listed tech stocks following the U.S. Defense Department’s classification of Tencent Holdings and battery maker CATL as “Chinese military companies,” resulting in nearly an 8% drop in Tencent’s American depositary receipts. In the U.S. market, the S&P 500 saw a rise of 0.55%, with the Nasdaq gaining 1.24% due to a tech rally, while the Dow Jones Industrial Average lagged behind, decreasing by 0.06%. This report includes contributions from CNBC reporters Pia Singh and Tanaya Macheel.
