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05/12/2023

Today’s Announcements & News

Asia

Asia-Pacific markets showed a mixed performance on Monday as investors awaited key economic data and upcoming inflation readings. Hong Kong’s Hang Seng index dropped 1%, while China’s CSI 300 index slipped 0.65% to its lowest level since February 2019. Australia’s S&P/ASX 200 led gains, rising 0.73% to its highest level since September 20. South Korea’s Kospi rose 0.4%, and Japan’s Nikkei 225 slipped 0.6%. Investors are anticipating inflation readings for Tokyo and South Korea, as well as the Reserve Bank of Australia’s final meeting of the year.

US

Stocks faced a decline on Monday, with the Dow Jones Industrial Average shedding 92 points (0.3%), the S&P 500 losing 0.6%, and the Nasdaq Composite declining 0.9%. Investors, questioning the market’s recent surge, opted to sell Big Tech shares, which have been leading the market’s gains. Meanwhile, Bitcoin reached a 19-month high, surpassing $41,000, and gold achieved its highest nominal intraday level ever. Coinbase and Riot Platforms saw over 7% gains with the rise of Bitcoin, while Alaska Airlines dropped nearly 15% after agreeing to acquire Hawaiian Airlines for $1.9 billion.

Commodity

Oil prices continued to decline on Monday due to investor skepticism about the latest OPEC+ decision on supply cuts and uncertainties surrounding global fuel demand. The Organization of the Petroleum Exporting Countries (OPEC) and its allies’ announcement of supply cuts last week had already led to a 2% decline. Brent crude futures dropped 0.53% to $78.46 a barrel, while U.S. West Texas Intermediate crude futures fell 0.5% to $73.70. In contrast, gold prices reached a new record, briefly trading above $2,100 an ounce, as the global demand for bullion shows no signs of abating. Gold futures hit an intraday record of $2,152.30.

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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