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07/12/2023

Today’s Announcements & News

Asia

Asia-Pacific markets rebounded with Japan’s Nikkei 225 leading the gains, rising 2.04% and closing at 33,445.9. The Topix also advanced 1.9% to end the day at 2,387.2. Australia’s S&P/ASX 200 rose 1.65%, closing at 7,178.4, reaching its highest level since September 19, following better-than-expected third-quarter GDP numbers. South Korea’s Kospi inched up marginally, while the small-cap Kosdaq climbed 0.76%. Hong Kong’s Hang Seng index rebounded from a one-year low, climbing 0.81% in its final hour of trade, and China’s CSI 300 index posted a 0.16% gain, closing at 3,399.59 after hitting four-year lows on Tuesday.

US

U.S. stocks experienced fluctuations on Wednesday as investors assessed economic data showing a decline in inflation. The Dow Jones Industrial Average added 27 points, or 0.1%, while the S&P 500 and Nasdaq Composite remained little changed. Earlier advances cooled, with the Dow briefly up nearly 170 points. The market responded positively to data indicating a drop in labor costs, suggesting a favorable outlook for inflation, and increased productivity, hinting at the potential to avoid a recession. Private payroll data from ADP also indicated improvements in the job market.

Commodity

Gold strengthened on Wednesday as Treasury yields eased, finding stability after a rapid pullback from a record high earlier in the week. The precious metal rose 0.5% to $2,028.79, while U.S. gold futures gained 0.5% to $2,046.5. Benchmark 10-year Treasury yields hit a more than three-month low. Gold reached an all-time peak of $2,135.40 on Monday, driven by expectations of a Federal Reserve rate cut, but faced uncertainty over the timing of such reductions, leading to a drop of more than $100. Meanwhile, U.S. crude declined 4%, settling at its lowest level since late June, with retail gasoline prices hitting the lowest point since January just ahead of the holiday shopping and travel season. The West Texas Intermediate contract for January fell to $69.38 a barrel, while the Brent contract for February declined to $74.30 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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