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09/11/
2023

Today’s Announcements & News

Asia

In a day of mixed trading, many Asia-Pacific markets experienced declines on Wednesday, particularly in South Korea, where the Kospi index erased more than half of its gains from earlier in the week. This drop was influenced by the reinstatement of a ban on short selling in the country.

A business sentiment survey from Japan indicated a slight improvement in manufacturers’ confidence, marking the first uptick since August, but the economic outlook remains uncertain.

South Korea’s Kospi closed 0.91% lower at 2,421.62, while the Kosdaq slipped 1.62% to 811.02. Japan’s Nikkei 225 ended 0.33% lower at 32,166.48, and the Topix fell 1.16% to close at 2,305.95. Australia’s S&P/ASX 200 closed 0.26% higher at 6,995.40. Hong Kong’s Hang Seng index ended 0.58% lower at 17,568.46, and China’s CSI 300 index slipped 0.24% to close at 3,611.07.

US

On Wednesday, the S&P 500 struggled to extend its longest winning streak in about two years, slipping 0.2%. The Nasdaq Composite also declined by 0.3%, and the Dow Jones Industrial Average lost 100 points, or 0.3%.

Market strategists suggested that the market might be anticipating the Federal Reserve moving to the sidelines and possibly achieving a “soft landing.” Equities, which had been oversold in the previous months, are now experiencing a rebound.

Despite posting better-than-expected results, Rivian’s shares fell nearly 2%, while Robinhood saw a 14% decline in trading volumes. Warner Bros. Discovery’s shares sank 15% after announcing a wider-than-expected loss, while Roblox’s shares rose by 17% following strong results.

Commodity

Oil prices continued to experience downward pressure on Wednesday after reaching their lowest levels in over three months in the previous session. Concerns about diminishing demand in the United States and China contributed to the decline, with Brent crude futures dropping to $79.76 a barrel, and U.S. crude falling to $75.55.

Gold prices also faced their third consecutive session of retreat on Wednesday, as investors awaited further information about the U.S. central bank’s stance on interest rates. At the same time, palladium reached a five-year low, with spot gold down 0.5% at $1,958.44 per ounce, and U.S. gold futures slipping 0.5% to $1,964.50.

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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