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08/03/2023

Today’s Announcements & News

Asia

Asia-Pacific shares tumbled on Wednesday after Federal Reserve Chairman Jerome Powell warned that interest rates may need to be higher than the central bank expects, raising concerns that the next policy rate hike meeting could be steeper.

In Australia, the S&P/ASX 200 fell 0.82% as investors digested comments from Reserve Bank of Australia Governor Philip Lowe that further rate hikes were halted after a 25 basis point hike the previous day.

South Korea’s Kospi fell 1.18%, while the Kosdaq lost 0.78% in the first hour of trading. Japan’s Nikkei 225 fell 0.13%, while the Topix traded just below the zero line.

Hang Seng futures settled at 20,314, below the Hang Seng Index’s last close of 20,534.48.

United States

U.S. stock futures were flat on Tuesday evening. The move came after comments from Federal Reserve Chairman Jerome Powell that interest rates may need to rise for longer sparked the sell-off.

Dow Jones Industrial Average futures were up 2 points, or 0.01%. S&P 500 and Nasdaq 100 futures were down 0.04% and 0.05%, respectively.

In regular trading on Tuesday, the Dow

It closed down nearly 575 points and turned negative in 2023. S&P 500 Index

The Nasdaq Composite fell 1.53% to close below the key 4,000 level.

Lost 1.25%. The stock market rout was accompanied by a rise in bond yields, with the 2-year Treasury yield topping 5%, the highest level since 2007.

Commodities

Oil prices fell by $3 a barrel on Tuesday after comments from U.S. Federal Reserve Chair Jerome Powell stoked rate hike fears, the dollar strengthened and top crude importer China issued weak data.

Brent crude futures

shed $2.89, or 3.4%, to settle at $83.29 a barrel, while the U.S. West Texas Intermediate

crude futures dropped by $2.88, or 3.6%, to close at $77.58 per barrel. Those were the biggest single day percentage declines for both contracts since Jan. 4.


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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