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06/11/2023

Today’s Announcements & News

Asia

Asia-Pacific markets had a positive end to the week, as investors analyzed fresh data to assess business activity in the region:

China’s service sector expanded slightly faster in October, with the Caixin services purchasing managers index reaching 50.4, just above September’s 50.2.

Hong Kong’s private sector activity continued to contract in October, notably due to a decline in new business, including from mainland China. Hong Kong’s Hang Seng index gained 2.5% in its final hour of trading, and China’s CSI 300 rose by 0.84%, breaking a three-day losing streak.

South Korea’s Kospi rose by 1.08%, closing at 2,368.34, while the Kosdaq was up by 1.19%, marking their third consecutive day of gains.

In Australia, the S&P/ASX 200 closed 1.14% higher at 6,978.20. Japanese markets were closed due to a public holiday.

US

Stocks saw gains on Friday, driven by a weaker jobs report that led to lower bond yields. This positive momentum resulted in the major averages recording their best week in 2023.

The Dow Jones Industrial Average rose by 222.24 points, or 0.66%, reaching 34,061.32. The S&P 500 increased by 0.94%, closing at 4,358.34, and achieved its first five-day advance since June. The Nasdaq Composite jumped by 1.38%, reaching 13,478.28.

Investors expressed optimism that the Federal Reserve’s rate-hiking campaign might be coming to an end, leading to substantial weekly gains. The Dow had its best week since October 2022, up by 5.07%. The S&P 500 was higher by 5.85% for the week. The Nasdaq gained 6.61%, marking the best week for both indexes since November 2022.

Commodity

On Friday, oil prices dropped over 2% as concerns over Middle East tensions eased, while weak job data raised expectations that the U.S. Federal Reserve might halt interest rate hikes in the largest oil-consuming economy.

Brent crude futures fell by $1.92, or 2.3%, closing at $84.89 a barrel. U.S. West Texas Intermediate crude futures were down $1.95, or 2.4%, ending at $80.51 a barrel.

Both oil benchmarks recorded weekly declines of more than 6%.

In contrast, gold prices increased on Friday as the U.S. dollar and Treasury yields decreased after disappointing U.S. job data solidified the belief that the Federal Reserve won’t raise interest rates further. Spot gold rose by 0.4% to reach $1,994.28 per ounce, having reached a session high of $2,003.69. U.S. gold futures settled 0.3% higher at $1,999.2.

The data revealed that U.S. job growth slowed more than expected in October, with wage inflation cooling, indicating a softening in labor market conditions. Employers added 150,000 jobs in October, falling short of the 180,000 anticipated by economists.

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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