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09/05/2023

Today’s Announcements & News

Asia

After Wall Street ended its four-day losing streak on Friday, the majority of Asia-Pacific markets rose on Monday.

The Shenzhen Component closed 0.4% higher at 11,225.77, while the Shanghai Composite led gains in the region, rising 1.81 percent to its highest level since July of last year.

Japan’s Nikkei 225 1fell 0.71% to end the day at 28,949.88 and the Topix lost 0.21% to complete at 2,071.21, with energy, financials and innovation driving misfortunes in Tokyo.

Japan’s administrations area saw a record speed of development in April, the au Jibun Bank Japan administrations buying chiefs’ file showed.

Minutes from Japan’s Walk financial strategy meeting showed board individuals were worried over expansion advancing at a higher-than-anticipated pace.

The S&P/ASX 200 in Australia gained 0.79 percent to close at 7,277.3, with gains led by mining and financial stocks. The Kospi rose 0.49 percent to 2,513.21 on Monday, while the Kosdaq fell 0.33 percent to 842.28.

Energy and healthcare stocks drove the final hour of trading for the Hang Seng index in Hong Kong, which gained 1.16 percent.

United States

Investors were anticipating important inflation readings, such as the consumer price index report for April, as the S&P 500 closed close to the flat line on Monday.

The broad market index saw only a slight gain of 0.05 percent to finish the session at 4,138.12. The Nasdaq Composite gained 0.18 percent to 12,256.92 at the close. The 30-stock Dow Jones Industrial Average ended at 33,618.69, down 55.69 points, or 0.17%.

Separately, some bank shares started the week higher. PacWest’s stock rose 3.6%. Late Friday night, the bank declared that it would slice its profit to only 1 penny for every offer from a quarter for each offer in the earlier quarter. Western Partnership shares finished the day up around 0.6%. Huge banks Wells Fargo also, JPMorgan Pursue

additionally rose.

Whether the banking crisis has finally subsided is up for debate among investors.

Commodity

In anticipation of inflation data this week, which could shed light on the future of U.S. interest rates, gold edged higher on Monday, regaining some ground after a retreat in the previous session.

To $2,021.37 an ounce, spot gold gained 0.2%. U.S. gold prospects settled up 0.4% at $2,033.20.

Daniel Ghali, a commodity strategist at TD Securities, stated, “Markets are really just discounting the aftermath of last Friday’s payrolls report.” He was referring to the selloff that has resulted in prices falling nearly 3% below the near-record levels that were reached the week prior to the data.

It showed that job growth in the United States picked up in April, indicating that the labor market is still strong.

Ghali added, however, that the likelihood of a recession would likely cause markets to price in future Fed rate cuts, prompting “discretionary traders to deploy their capital in gold.” When interest rates are lower and there is less competition from other assets, non-yielding gold has a greater appeal for investors.

Markets saw a 85% opportunity of the Fed holding rates at their ongoing level in June, and a 31% opportunity of a rate cut in July, as per CME’s FedWatch device.

Oil prices increased by more than 2% on Monday as concerns about a recession in the United States subsided and traders concluded that the three-week decline in crude oil prices due to concerns about demand was excessive.

At $76.95 a barrel, Brent crude was up $1.65, or 2.19 percent. West Texas Intermediate (WTI) crude from the United States also rose $1.78, or 2.5%, to $73.12

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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