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03/04/2023

Today’s Announcements & News

Asia

On Friday, markets in the Asia-Pacific region went up as technology stocks continued to attract renewed interest and led gains on Wall Street. Some stocks were able to shake off worries that there would be another banking crisis.

Additionally, investors anticipated the release of the U.S. personal consumption expenditure price index, the Federal Reserve’s preferred inflation measure, later in the day.

As Tokyo’s inflation print continued to show lower levels than its recent peak of 4.3% in December, the Nikkei 225 rose 0.93 percent to 28,041.48 and the Topix rose 1.02% to 2,003.5. In Australia, the S&P/ASX 200 gained 0.78 percent to end at 7,177.8.

The Kospi, which was trading at 2,476.86 at the close of the session, also gained 0.97%, while the Kosdaq lost 0.35% to 847.52.

The Hang Seng record in Hong Kong pared before gains and last exchanged 0.65% higher in its last hour of exchange. Additionally, the Hang Seng Tech index gained 0.92%.

United States

Friday marked the end of a volatile but successful quarter on Wall Street, which saw stocks rise as a result of the collapse of Silicon Valley Bank and a mini-financial panic caused by it.

The S&P 500

added 1.44% to close at 4,109.31, while the Nasdaq Composite

progressed 1.74% to end at 12,221.91. The Dow Jones Industrial Average finished at 33,274.15, up 415.12 points, or 1.26 percent.

Friday, the Fed’s preferred inflation gauge showed a lower-than-expected price increase, giving the market a boost. The core Personal Consumption Expenditures index, which does not include energy and food costs, increased in February by 0.3 percent, which was lower than the 0.4 percent that Dow Jones economists polled expected.

The S&P 500 and Nasdaq were up 7.03% and 16.77%, individually, for the main quarter. Nasdaq’s tech-heavy quarter was its best since 2020. The period ended with a 0.38 percent rise for the Dow.

The S&P 500 and Nasdaq have gained 3.51 percent and 6.69 percent, respectively, for the month. In contrast, the Dow rose 1.89 percent through March’s end.

Commodity

As supplies tightened in some parts of the world and U.S. inflation data indicated that price increases were slowing, oil prices rose by more than a dollar a barrel on Friday to record their second consecutive week of gains.

For June delivery, the most traded Brent futures closed at $79.89 a barrel, up $1.29, or 1.6 percent. Brent futures for May delivery gained 50 cents, or 0.6%, to settle at $79.77 a barrel upon settlement.


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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