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11/05/2023

Today’s Announcements & News

Asia

As investors anticipate U.S. inflation figures for clues regarding the future of inflation and, by extension, the actions of the U.S. Federal Reserve, Asia-Pacific markets fell on Wednesday.

In April, economists polled by Dow Jones anticipate inflation to have increased 5% year-over-year and 0.4% month-over-month. It is anticipated that core prices, which exclude volatile food and energy components, increased 0.4 percent.

After the country presented its budget on Tuesday night, the S&P/ASX 200 in Australia fell 0.12 percent to close at 7,255.7. Australia saw its most memorable financial plan surplus starting around 2008.

Japan’s Nikkei 225 was 0.41% down to end the day at 29,122.18, and the Topix additionally fell 0.55% to complete at 2,085.91. For the second year in a row, Mitsubishi Corp.’s net profit exceeded 1 trillion yen for the first time, reaching 1.18 trillion yen ($8.72 billion).

Even though South Korea’s unemployment rate fell to 2.6% in April, the Kospi fell 0.55 percent to close at 2,496.51 and the Kosdaq fell 0.73 percent to close at 829.74.

The Hang Seng index in Hong Kong continued its Tuesday losses, falling 0.45%, while mainland Chinese markets traded mixed. The Shenzhen Component was the only regional outlier and gained 0.13% to end at 11,140.19, while the Shanghai Composite fell 1.15 percent to close at 3,319.15.

United States

The Nasdaq Composite shut higher Wednesday as financial backers escaped to tech stocks after a tamer-than-anticipated expansion report.

The tech-heavy index gained 1.04 percent to 12,306.44 at the close. The S&P 500 gained 0.45% to 4,137.64 at the close. Finally, the Dow Jones Industrial Average fell 30.48 points, or 0.09%, to 33,531.33 at the end of the day.

April buyer costs climbed 4.9% from a year prior, which was not exactly the 5% increase expected by financial specialists surveyed by Dow Jones. Month-over-month expansion coordinated assumptions with a 0.4% increment in April.

Depository yields tumbled following the report, further supporting a securities exchange which has been stressed over higher rates snuffing out monetary development. The 2-year Treasury yield decreased by approximately 11 basis points to 3.91 percent, while the 10-year yield decreased by 8 basis points to 3.44 percent.

Commodity

After a three-day rally, oil prices fell by more than a dollar a barrel on Wednesday as economic data suggested that the United States Federal Reserve might increase interest rates further.

Brent rough dropped $1.03, or 1.3%, to settle at $76.41 a barrel while U.S. West Texas Middle of the road

rough (WTI) fell $1.15, or 1.6%, to $72.56 a barrel.

Gold prices fell a little bit on Wednesday as some investors took profits as a result of the U.S. inflation report and a decrease in optimism about the Federal Reserve cutting interest rates this year.

Spot gold was last down 0.19% to $2,030.59 per ounce and U.S. gold fates

settled 0.3% lower at $2,037.10.


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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