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Blockhead Business: Markets' Euphoria Set to Run into Q3

Bitcoin has a successful Q2, whilst US stocks are boosted by the AI hype. Good news regarding Korean exports as well as Japanese capital spending too.

July 3, 2023

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CAPITAL FLOWS IN GLOBAL MARKETS

Positive momentum from a gain on Wall Street and hints of easing US inflation bolstered support for global markets on Monday as investors celebrated a successful quarter by sending stocks soaring and the dollar plunging at Friday's closing.

The three major US stock indices' weekly, monthly, and quarterly total returns rose.

The S&P 500 index jumped by 15.9% in the first half of 2023, while the tech-heavy Nasdaq Composite index surged 31.8%, its biggest return in four decades, riding the tsunami of investor optimism in artificial intelligence. The Nasdaq 100 index posted a record-breaking first-half gain of 38.8%.

As the trillion-dollar AI rally gathers pace, Apple's market value ends above US$3 trillion for the first time.

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