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10/08/2023

Today’s Announcements & News

Asia

Stocks in China and Hong Kong experienced declines on Wednesday as China’s consumer prices entered negative territory in July, marking the first such occurrence in 28 months.

The CSI300, which monitors the stocks of the largest listed companies in Shanghai and Shenzhen, decreased by 0.31%.

Mainland Chinese markets also saw declines, with the Shanghai Composite ending 0.49% lower at 3,244.49, extending its three-day losing streak.

The Shenzhen Component lost 0.53% to close at 11,039.45, while Hong Kong’s Hang Seng index hovered near the flatline during its final hour of trade.

In July, China’s Consumer Price Index (CPI) declined by 0.3% year-on-year, which was slightly less than the 0.4% forecasted by economists polled by Reuters. The last instance of China experiencing a decrease in its inflation rate was in February 2021.

Furthermore, China’s Producer Price Index (PPI) fell by 4.4% in July compared to a year ago, surpassing the 4.1% prediction made by economists polled by Reuters.

Mohamed El-Erian, Chief Economic Advisor of Allianz, expressed concerns about these figures, stating that they might intensify worries about China’s growth prospects and the effectiveness of conventional stimulus measures.

Across Asia-Pacific markets, there was a mix of performances. Japan’s Nikkei 225 declined by 0.53%, closing at 32,204.33, and the Topix fell by 0.4% to finish at 2,282.57.

On the other hand, South Korea’s Kospi ended 1.2% higher at 2,605.12, breaking a five-day losing streak. The Kosdaq also gained 1.86% to close at 908.98. Australia’s S&P/ASX 200 saw a 0.37% increase, concluding the session at 7,338.

US

On Wednesday, stock prices declined as Wall Street awaited the release of upcoming inflation data.

The Dow Jones Industrial Average fell by 191.13 points, or 0.54%, ultimately closing at 35,123.36. The S&P 500 experienced a loss of 0.7%, finishing at 4,467.71. Meanwhile, the Nasdaq Composite slipped by 1.17% to reach 13,722.02.

Penn Entertainment saw a significant increase of 9.1% after announcing that it will be launching an online sportsbook named ESPN Bet in collaboration with ESPN, with a planned launch for this fall. Conversely, Roblox shares took a substantial hit, dropping nearly 22% after the company failed to meet Wall Street’s expectations for its second-quarter performance.

Commodity

Oil prices reached new highs on Wednesday, with the global benchmark Brent crude touching its highest level since January. This surge in prices was driven by a significant reduction in U.S. fuel inventories and tighter supply due to production cuts by Saudi Arabia and Russia, which offset concerns about sluggish demand from China.

Brent crude settled with a 1.6% increase at $87.55 per barrel, marking its highest level since January. West Texas Intermediate (WTI) crude also saw gains, settling up by 1.78% at $84.4 per barrel, reaching its highest level since November 2022.

Conversely, gold prices slipped on the same day, as investors adopted a cautious stance before the release of crucial U.S. inflation data. This data is expected to provide more insights into the Federal Reserve’s approach to monetary policy.

Spot gold experienced a 0.5% decrease, trading at $1,915.98 per ounce, which represents its lowest point since July 10. U.S. gold futures also closed lower by 0.5%, settling at $1,950.60 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.

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