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10/04/2023

Today’s Announcements & News

Asia

On Monday, the Asia-Pacific markets showed a mixed performance as certain investors returned from an extended Easter weekend. The Nikkei 225 in Japan rose by 0.34%, and the Topix saw a higher gain of 0.53%. South Korea’s Kospi increased by 1.04%, and the Kosdaq index also gained 0.26%. However, the Shanghai Composite in mainland China declined by 0.23%, and the Shenzhen Component was 0.28% lower. Australian and Hong Kong markets remained closed as they observed a four-day Easter holiday until Monday. India is set to release its fiscal deficit figures for March and its March trade data, while Indonesia’s retail sales for February will also be available.

United States

Investors are anticipating the release of key inflation data and the beginning of first-quarter earnings season, leading to a slight increase in U.S equity futures on Sunday evening. Futures linked to the S&P 500, a broad market index, rose 0.2%, and Dow Jones Industrial Average futures increased by 0.2% or 62 points. Nasdaq 100 futures remained flat.

Last week, the major averages experienced volatility amid signs of a weakening labor market. While the Dow Jones Industrial Average gained 0.6% for the week, the S&P 500 and the Nasdaq Composite saw weekly losses, declining by 0.1% and 1.1%, respectively. The March jobs report released on Friday showed moderate inflation and a resilient economy, leading to a rise in stock futures and Treasury yields. The New York Stock Exchange was closed for Good Friday.

Commodity

On Thursday, gold prices gave up some of their gains in anticipation of a significant U.S. jobs report, but the precious metal was still set for a weekly increase due to concerns about a possible economic slowdown fueled by weak U.S. economic data.

The spot price of gold declined by 0.7% to $2,006.45 per ounce, while U.S. gold futures for delivery in June dropped by 0.7% to settle at $2,022.

Oil prices remained relatively stable on Thursday, but recorded their third consecutive weekly gain as the market assessed the potential impact of further production cuts by OPEC+ and declining U.S. oil inventories against concerns about the global economic situation.

Brent crude settled down by 13 cents, or 0.2%, at $84.86 a barrel, while West Texas Intermediate U.S. crude closed 14 cents, or 0.2%, lower at $80.47. It’s worth noting that there was no trading on the Good Friday holiday.

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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