On Tuesday (December 24th), Asian stock markets rose moderately amidst low holiday trading volume, following the rise in stock prices of some of the world's largest technology companies, driving up the benchmark US stock index.

Chinese Mainland and Hong Kong stocks rose, while Japanese stocks fell slightly. TSMC's stock price set a new record, and Toyota and Honda's stock price rose sharply after announcing a buyback plan. The trading of US stock index futures in Asia has not changed much, despite the rise of the stock indices of the "Big Seven tech giants" on Wall Street.

On Wall Street, the S&P 500 index rose 0.7%, the Nasdaq 100 index rose 1%, and the US listed Chinese stock index rose 0.9%.

The S&P 500 index is expected to achieve outstanding annual returns and rise by over 20% for two consecutive years. Since the end of 2023, the index has risen by about 25%, with the stock price increases of the seven major tech giants accounting for more than half of the total increase

Ecaterina Bigos, Chief Investment Officer of Axa Investment Managers Asia Ltd., said on Bloomberg TV, "The rebound in 2024 is concentrated in the technology sector, and this trend is expected to continue in 2025. We will focus on expanding profits and less concentrated gains in 2025

The MSCI Asian stock benchmark is still expected to face its first quarterly loss since September 2023, with a 6.9% decline during the period, even though the S&P 500 index rose 3.7%. Due to concerns that Trump may impose global tariffs after being elected president, the US dollar may strengthen, and China's economic recovery may be weak, market sentiment in Asia has worsened recently.

On Tuesday, the 10-year yield of US treasury bond bonds fell by one basis point, while the Bloomberg dollar index rose slightly. The Japanese yen rebounded after Japanese Finance Minister Katsunobu Kato warned of excessive foreign exchange volatility.

Katsuyuki Kato warned on Tuesday that Japan will take action if there is excessive volatility in the yen exchange rate. Katsuyuki Kato told reporters, "I am deeply concerned about the recent exchange rate trends, including those driven by speculators. The government will take appropriate measures against excessive foreign exchange fluctuations." He reiterated the warning issued last week.

After Katsuyuki Kato's speech, the exchange rate of the Japanese yen against the US dollar strengthened, reaching 157.06 yen per US dollar at one point. Prior to his speech, the exchange rate of the Japanese yen had reached 157.39 yen per US dollar.

Nissan's stock price fell as much as 7.3% in Tokyo as the company confirmed it is in talks with Honda about possible business integration. Honda's stock price rose by up to 14%, and the company announced that it will repurchase up to 1.1 trillion yen (approximately 7 billion US dollars) worth of stock.

TSMC's stock price rose as much as 1.4%, briefly breaking through its peak on November 8th, due to strong performance in US chip stocks, including major customer Nvidia. This year, TSMC's stock price has risen by 83%, thanks to investors' enthusiasm for investing in artificial intelligence.

According to South Korean data, consumer confidence fell sharply this month, the biggest drop since the outbreak of the COVID-19 epidemic, hit by the political turmoil caused by President Yin Xiyue's declaration of martial law and impeachment.

The Reserve Bank of Australia stated in the minutes of its December meeting that there is increasing confidence that inflation is continuing to move towards its target level, but due to the rebound in consumption and the still tight labor market, it cannot be concluded that the battle against inflation has been won.

In terms of commodities, oil saw a slight increase in low trading volume before the holiday, following three days of selling pressure as the market focused on the strengthening of the US dollar and the turbulence in the international political situation following President Trump's election. Gold has risen slightly.