Today’s Announcements & News
On Wednesday, Asia-Pacific markets were mixed as Wall Street processed a significant labor report from the United States that revealed that job openings fell to their lowest level in nearly two years in February.
New Zealand’s national bank raised its benchmark cash rate by 50 premise focuses to 5.25%, with the New Zealand dollar
reinforcing by almost 0.9% following the choice. Stocks in Wellington eradicated before gains and the S&P/NZX 50
exchanged 0.27% lower to end at 11,866.83.
Even though the economy’s services sector saw growth for the seventh consecutive month, losses in the region were led by Japan’s Nikkei 225, which lost 1.68 percent to 27,813.26, and the Topix, which lost 1.92 percent to 1,983.84.
The Kospi index in South Korea gained 0.59 percent to close at 2,495.21 and the Kosdaq index also gained 1.77 percent to close at 872.36. The S&P/ASX 200 rose a little to 7,237.2 in Australia.
Investors shifted away from growth stocks amid indications that the U.S. economy is weakening, leading to the Nasdaq Composite’s third consecutive losing session on Wednesday.
The broad-based S&P 500 fell 0.25 percent to 4,090.38, while the tech-heavy index fell 1.07 percent to 11,996.86. Health-care stocks outperformed the market, boosting the Dow Jones Industrial Average by 80.34 points, or 0.24 percent, to 33,482.72.
Wednesday’s moves came as merchants considered the most recent ADP private payrolls report, which showed easing back work development in Spring. This came after the report on job openings on Tuesday, which suggested that the Federal Reserve’s efforts to cool the labor market might finally be working. For the first time in nearly two years, the number of open positions fell below 10 million in February.
The Dow and S&P 500 ended their four-day winning streaks when the three major averages retreated on Tuesday. The first quarter saw equity prices rise, but they are still far below their all-time highs.
On Wednesday, safe-haven gold reached its highest level in a year as recent U.S. economic data fueled speculation that the Federal Reserve may ease up on rate hikes and fueled fears of a slowdown.
After rising to its highest level since March 2022 at $2,031.89 earlier, spot gold was little changed at $2,019.99 per ounce. At $2,036.40, U.S. gold futures remained unchanged.
As the market weighed worsening economic prospects against expectations of U.S. crude inventory declines and plans by OPEC+ producers to reduce output, oil prices inched lower on Wednesday despite greater than anticipated draws in U.S. crude oil and fuel stocks.
To $84.45 a barrel, Brent crude futures lost 49 cents, or 0.6%. West Texas Moderate U.S. rough fell 58 pennies, or 0.7%, to $80.13 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.