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04/12/2023

Today’s Announcements & News

Asia

Asia-Pacific markets started Friday lower, diverging from the mostly positive performance on Wall Street, as investors digested mixed economic data from the region. Notably, attention was on China’s Caixin manufacturing purchasing managers’ index (PMI) for November, revealing an unexpected expansion in the sector. The Caixin PMI came in at 50.7, surpassing October’s 49.5 and beating a Reuters poll forecast of 49.8. However, this followed official data that indicated China’s manufacturing sector contracted for a second consecutive month. In Australia, the S&P/ASX 200 edged down 0.2%, closing at 7,073.2, ending a three-day winning streak. South Korea’s Kospi led losses in Asia, tumbling 1.19% to close at 2,505.01, while Japan’s Nikkei 225 closed down 0.17% at 33,431.51. Hong Kong’s Hang Seng index fell 1.1% in its final hour of trade, and China’s CSI 300 index dropped 0.38%, hitting its lowest level since Oct. 24.

US

The S&P 500 soared to a closing high for 2023 on Friday, extending November’s rally into the new month. The broad market index rose by 0.59%, ending the session at 4,594.63. The tech-heavy Nasdaq Composite advanced 0.55% to 14,305.03, while the Dow Jones Industrial Average added 294.61 points, or 0.82%, to close at 36,245.50. The Dow achieved another new high, bringing its 2023 gain to nearly 9.4%, after capping off its best month in over a year. The S&P 500 closed at its highest level since March 2022, with stocks like Ulta Beauty and Boston Properties contributing to the index’s heights.

Commodity

Gold prices rallied to an all-time high on Friday after remarks from Federal Reserve Chair Jerome Powell increased traders’ confidence the U.S. central bank had completed its monetary policy tightening and could cut rates starting March. Spot gold climbed 1.6% to $2,069.10 per ounce, marking a 3.4% increase for the week. Earlier, it rose to $2,075.09 per ounce, surpassing the previous all-time high of $2,072.49 reached in 2020. Meanwhile, oil prices dropped 2%, extending losses from the day prior, with skepticism over the latest OPEC+ production cuts and an increase in U.S. rigs. Brent crude futures for February fell 2.5% to $78.84 a barrel.

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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