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05/
07/2023

Today’s Announcements & News

Asia

Asia-Pacific markets displayed a mixed performance as investors analyzed the Reserve Bank of Australia’s decision to maintain interest rates at 4.10%. The S&P/ASX 200 in Australia rebounded from earlier losses and ended the session with a 0.45% gain at 7,279. However, the Australian dollar weakened by 0.3% against the U.S. dollar. In Japan, the Nikkei 225 retreated from its recent 33-year high, declining by 0.98% to 33,422.53, while the Topix recorded a smaller loss of 0.62% at 2,306.37. South Korea’s Kospi fell by 0.35% to close at 2,593.31, mainly due to slower growth in the country’s consumer price index. Meanwhile, the Shanghai Composite in mainland China saw marginal gains, closing at 3,245.35, and the Shenzhen Component rose by 0.35% to end at 11,130.30. Hong Kong’s Hang Seng index experienced a 0.61% increase in its final hour of trading, led by energy and industrial stocks, while the Hang Seng Tech index rose by 0.7%.

US

On Monday, in a shortened trading session, stocks experienced slight gains, commencing the second half of a remarkable year on Wall Street. The Dow Jones Industrial Average added 10.87 points, or 0.03%, closing at 34,418.47. The S&P 500 climbed 0.12% to end at 4,455.59, and the Nasdaq Composite advanced 0.21% to 13,816.77.

The U.S. markets closed early in preparation for the Fourth of July holiday and remained closed on Tuesday as well.

Tesla shares surged by 6.9% after the company reported delivery and production numbers that exceeded analysts’ expectations. This positive news also had a spillover effect, causing other electric vehicle stocks such as Rivian, Fisker, and Lucid to rise in tandem.

The shortened session on Monday marked the beginning of a new trading month, quarter, and half. The Nasdaq Composite recorded its largest first-half gain since 1983, surging by 31.7% by the end of Friday’s trading. The S&P 500 also performed well with a 15.9% jump, marking its best first-half performance since 2019. However, the Dow Jones Industrial Average lagged behind, showing a modest climb of 3.8% during the same period.

Commodity

On Tuesday, oil prices remained steady as the market assessed the impact of supply cuts by major exporters Saudi Arabia and Russia against indications of weak crude demand based on economic data.

Brent crude futures rose by 22 cents, or 0.3%, to reach $74.87 a barrel, while U.S. West Texas Intermediate crude increased by 27 cents, or 0.3%, to $70.06.

Gold prices experienced little change on Tuesday, with thin trading volumes due to a U.S. holiday. Traders were eagerly anticipating the release of the U.S. Federal Reserve’s minutes from its June meeting on Wednesday, hoping for further insights into its path for interest rate hikes.

At 0241 GMT, spot gold was nearly unchanged at $1,921.39 per ounce, while U.S. gold futures remained flat at $1,929.10.

Given the U.S. holiday, trading volume is expected to be light throughout the day.

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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