11/09/2023
Today’s Announcements & News
Asia
Asia-Pacific markets experienced a day of declines on Friday. Japan’s Nikkei 225 fell by 1.16%, wiping out gains from the previous week, and the Topix was down by 1.02%. This decline was influenced by the revised second-quarter GDP figures in Japan.
In Hong Kong, trading was canceled for the entire day due to a “black rainstorm” warning, as the region faced one of the heaviest rainfalls in 140 years.
Mainland Chinese markets also saw a negative trend, with the CSI 300 down by 0.49%.
In Australia, the S&P/ASX 200 marked its fourth consecutive day of losses, ending the day with a 0.2% decline.
South Korea’s Kospi had a marginal decline of 0.02%, while the Kosdaq managed to gain 0.86%.
These market movements were influenced by a variety of factors, including revised GDP figures, extreme weather conditions, and broader economic concerns.
US
Stock futures remained relatively unchanged on Sunday night as investors looked ahead to the upcoming week filled with economic data releases and earnings reports from major tech companies. Dow Jones Industrial Average futures inched up by 9 points (0.01%), while S&P 500 futures and Nasdaq 100 futures saw slight gains of 0.02% and 0.07%, respectively.
The previous week ended with a mixed performance on Friday. The Dow closed at 34,576.59, marking a gain of 75.86 points (0.22%). The S&P 500 experienced a modest 0.14% increase, ending a three-day losing streak at 4,457.49. The Nasdaq Composite recorded a minor 0.09% gain, closing at 13,761.53.
Although Friday ended on a positive note, all three indices posted weekly losses, with it being the first negative week in three for the S&P and Nasdaq.
Commodity
Oil prices climbed nearly 1% to reach a nine-month high on Friday, driven by rising U.S. diesel futures and concerns about tightening oil supplies. The extension of supply cuts by Saudi Arabia and Russia during the week added further pressure.
Brent crude futures increased by 73 cents (0.8%) to close at $90.65 per barrel. U.S. West Texas Intermediate (WTI) crude rose by 64 cents (0.7%) to close at $87.51 per barrel.
Both Brent and WTI crude remained in technically overbought territory for the sixth consecutive day. Brent was set for its highest close since November 16, while WTI marked its highest close since September 6, also reaching levels not seen since November.
For the week, both benchmarks posted gains of approximately 2%, building on the previous week’s increases of about 5% for Brent and 7% for WTI.
Gold prices experienced a slight uptick on Friday, primarily due to a minor pullback in the value of the U.S. dollar. This movement came as investors prepared for upcoming economic data releases next week to assess the Federal Reserve’s intentions regarding interest rate hikes. Spot gold increased by 0.1% to reach $1,920.49 per ounce by 2:06 p.m. EDT (1806 GMT). U.S. gold futures remained relatively unchanged, settling at $1,942.70.
These moves suggest that gold remained relatively stable as investors kept a close watch on economic indicators and central bank actions.
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.
