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02/03/2023

Today’s Announcements & News

Asia

Asia-Pacific markets were likely to be mixed as U.S. Treasury yields briefly topped 4% overnight on Wall Street, pushing stocks lower.

In Australia, the S&P/ASX 200

It opened Thursday up 0.21% after falling slightly on Wednesday.

In Japan, markets opened lower, with the Chicago Nikkei futures contract at 27,485 and the Osaka futures contract at 27,480, while the Nikkei 225

It last closed at 27,516.53.

South Korea is to release S&P Global factory activity data for February after industrial production fell 12.7% on an annualized basis in January, below analysts’ expectations for an 8.9% decline.

Singapore is also expected to release data on factory activity for February.

United States

S&P 500 Index

The dollar fell on Wednesday, the first day of March, as traders struggled to regain their footing after a month of losses and bond yields continued to rise.

The broader index fell 0.47% to 3,951.39, while the tech-heavy Nasdaq Composite fell.

It fell 0.66% to close at 11,379.48. Blue Chip Dow Jones Industrial Average

It closed above the zero line at 32,661.84 that day, up 5.14 points.

The move came as bond yields extended gains that began in February, with the yield on the benchmark 10-year Treasury note briefly surpassing 4% for the first time since November. The 1-year Treasury yield rose above 5%.

Minneapolis Fed President Neil Kashkari said on Wednesday he was “open” to the possibility of raising interest rates by “25 basis points or 50 basis points” at this month’s policy meeting, but he has not yet made up his mind Decide.

Commodities

Gold prices rose 1% on Wednesday as strong Chinese economic data weighed on the dollar and prompted some bets that physical demand in the largest consumer of the precious metal will improve, although the risk of rising U.S. interest rates limited gains.

Spot gold was last up 0.54 percent at $1,837.05 an ounce, above a one-week high of $1,844.5. U.S. gold futures rose 0.5 percent to $1,845.40.

David Meger, director of metals trading at High Ridge Futures, said that the dollar was weaker against other currencies due to strong Chinese data and some countries intend to raise interest rates further, which provided some support for the gold market.


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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