08/11/2023
Today’s Announcements & News
Asia
South Korean stocks declined by 2%, leading losses in the broader Asia-Pacific region. This drop followed the release of trade data from China and a rate hike by the Reserve Bank of Australia. South Korea’s Kospi fell to 2,443.96, reversing some of the gains from the previous session. Japan’s Nikkei 225 slipped 1.34% to close at 32,271.82. Australia’s S&P/ASX 200 was 0.29% lower following the Australian central bank’s rate increase to 4.35%. Hong Kong’s Hang Seng index fell 1.53% in the final hour of trading, and China’s CSI 300 closed 0.35% lower. In the U.S., the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average recorded modest gains.
US
The S&P 500 extended its winning streak on Tuesday, marking its longest run of consecutive gains in about two years, as Wall Street aimed to continue November’s rally. The S&P rose 0.4%, notching a seven-day winning streak, the longest since November 2021. The Dow Jones Industrial Average gained 58 points (0.2%), and the Nasdaq Composite outperformed with a 1.1% increase. Technology stocks saw gains as Treasury yields decreased, with the 10-year Treasury yield dropping by about 9 basis points to 4.573%. Companies like Microsoft, Apple, and Amazon all saw increases of at least 1%. Semiconductor stocks like Advanced Micro Devices, Broadcom, and Intel rose by around 2% in anticipation of funding from the Chips Act.
Commodity
U.S. crude oil prices fell to their lowest level since July, dropping below $78 a barrel on Tuesday. This decline was primarily due to weak global economic data, which overshadowed concerns about the potential escalation of the Israel-Hamas conflict into a broader regional crisis.
West Texas Intermediate crude oil was down by $2.98, or 3.58%, closing at $77.93 per barrel. Brent crude, an international benchmark, also fell by $3.00, or 3.52%, to reach $82.18 per barrel. Both of these price points were the lowest they had been since July.
Simultaneously, gold prices hit a two-week low as the safe-haven demand sparked by tensions in the Middle East waned. The market’s attention shifted towards cues on interest rates from Federal Reserve officials. In addition, palladium prices dropped to a five-year low.
Spot gold experienced a 0.75% decrease, reaching $1,962.771 per ounce, while U.S. gold futures saw a 0.97% drop, closing at $1,969.40 per ounce. Silver prices also fell by 2.38%, reaching $22.482 per ounce.
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.
