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01/11/2023

Today’s Announcements & News

Asia

Asia-Pacific markets experienced a widespread decline, with several key indices posting significant losses.

South Korea’s Kospi index fell by 2.71%, closing at 2,299.08, marking its lowest level since January 6. The Kosdaq index also saw a significant drop of 3.5%, closing at 743.85, its lowest point since January 31. The decline in South Korean markets was influenced by the poor performance of chip supplier SK Hynix, which reported a net loss of 2.18 trillion won ($1.61 billion) for the third quarter, a sharp contrast to the 1.11 trillion won net profit during the same period the previous year.

Japan’s Nikkei 225 dropped by 2.14%, closing at 30,601.78, while the Topix index declined by 1.34%, finishing at 2,224.25.

In Australia, the S&P/ASX 200 experienced a 0.61% decrease, closing at 6,812.30, reaching its lowest point since late October 2022.

Hong Kong’s Hang Seng index declined by 0.11% in the final minutes of trading. However, China’s benchmark CSI 300 index was the exception, rising by 0.28% to reach 3,514.14.

US

On Friday, concerns about a potential recession led to renewed selling in the stock market, resulting in losses for the Dow Jones Industrial Average and the S&P 500.

The Dow, a 30-stock index, declined by 366.71 points, representing a 1.12% drop, closing at 32,417.59. Meanwhile, the S&P 500 decreased by 0.48% to conclude the session at 4,117.37. This decline in the S&P 500 marked a 10.3% reduction from its peak earlier in the year on July 31. Notably, the Dow’s losses were partly driven by JPMorgan Chase, as CEO Jamie Dimon announced plans to sell 1 million shares in the coming year.

In contrast, the Nasdaq Composite saw a modest gain of 0.38%, closing at 12,643.01. Amazon played a significant role in this performance, with its shares surging by more than 6% after the e-commerce giant exceeded analysts’ expectations for revenue and earnings in the third quarter. This strong performance by Amazon also influenced other major tech stocks, including Microsoft, which followed Amazon’s lead and saw its shares rise.

Commodity

Gold prices inched higher on Friday, marking their third consecutive weekly gain. This increase was driven by ongoing safe-haven demand due to Middle East tensions, with investors also keeping a close watch on the upcoming U.S. Federal Reserve policy meeting.

Spot gold rose by 0.5% to reach $1,993.69 per ounce, closing the week with a 0.7% gain. In parallel, U.S. gold futures saw a 0.1% increase, settling at $1,998.50.

Oil prices also experienced an upward trend, climbing by approximately 3% to reach a one-week high on Friday. These gains were fueled by concerns that tensions in Israel and Gaza could escalate into a broader conflict, potentially disrupting global crude supplies.

Brent futures rose by $2.25, representing a 2.6% increase and reaching $90.18 a barrel. Additionally, U.S. West Texas Intermediate crude gained $2.14, or 2.6%, to reach $85.35.

The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.

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