Closing Bell 2nd July: ASX rallies 0.6% as rate cut bets rise; Domino’s, Helia tumble on company news

Singapore stocks hit record high; Asia-Pacific markets mixed on Powell remarks

Singapore’s benchmark index reached an all-time high on Wednesday, defying mixed sentiment across the Asia-Pacific region as investors weighed U.S. Federal Reserve Chair Jerome Powell’s latest comments.

The Straits Times Index rose 0.4% to a record 4,005.39 points in morning trade, according to LSEG data. Gains came despite a lackluster regional backdrop and cautious global sentiment.

Powell told U.S. lawmakers on Tuesday that the Fed would likely have already begun cutting rates were it not for the inflationary pressures stemming from President Donald Trump’s tariff initiatives. His remarks reinforced expectations of a delayed easing cycle, injecting uncertainty into markets.

Elsewhere in Asia, Japan’s Nikkei 225 fell 1.32%, and the broader Topix shed 0.64% amid ongoing profit-taking. South Korea’s Kospi dipped 0.42%, while the Kosdaq traded flat.

Hong Kong’s Hang Seng Index gained 0.73%, helped by buying in tech and consumer sectors, while China’s CSI 300 was unchanged, reflecting continued caution over domestic growth momentum.

Australia’s S&P/ASX 200 edged up 0.49%, supported by mining and real estate stocks.