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11/10/
2023

Today’s Announcements & News

Asia

In the Asia-Pacific region, market performance was mixed as investors assessed the impact of the attack on Israel by the Palestinian militant group Hamas. Japan’s Nikkei 225 led gains, surging over 2.4%, while Australia’s S&P/ASX 200 climbed 1.01% and moved above 7,000. South Korea’s Kospi initially gained but later fell 0.26%, reaching its lowest level since March 21, and the Kosdaq tumbled 2.62%, closing at its lowest level since March 16. Hong Kong’s Hang Seng index rose 0.84%, while mainland Chinese markets, represented by the CSI 300, fell 0.75% and recorded a three-day losing streak. Hong Kong had a shortened trading day of just two hours due to a typhoon warning.

US

U.S. stocks experienced gains on Tuesday, with the Dow Jones Industrial Average rising by 0.4% (126 points), the S&P 500 adding 0.6%, and the Nasdaq Composite climbing around 0.7%. This rise was supported by a decline in Treasury yields as investors evaluated the geopolitical risks arising from the Israel-Hamas conflict.

In response to the conflict, the benchmark 10-year Treasury yield dropped by over 12 basis points to 4.655%, with investors seeking safer assets amid the turmoil. Additionally, oil prices eased after a previous rally, offering some relief to investors, as West Texas Intermediate and Brent futures both dipped approximately 0.6% and 0.7%, respectively, on Tuesday.

Commodity

Gold prices experienced a slight decline on Tuesday after a nearly 2% increase in the previous session. This shift came as investors cautiously redirected their attention to riskier assets and awaited further signals regarding the U.S. central bank’s policy direction.

Spot gold initially rose to a more than one-week high but was just 0.05% higher at $1,861.83 per ounce as of 11:58 a.m.

Meanwhile, U.S. gold futures climbed by 0.6% to reach $1,875.40 an ounce.

In the oil market, prices fell by more than $1 per barrel on Tuesday. The decline began earlier in the day, with traders focusing on demand levels while remaining cautious due to potential supply disruptions resulting from the military clashes between Israel and the Palestinian Islamist group Hamas.

As of 1:07 p.m. ET, Brent crude was down by 38 cents at $87.77 per barrel, while U.S. West Texas Intermediate (WTI) crude fell 35 cents to $86.03 per barrel. Both benchmarks had experienced a decrease of more than $1 in earlier trading.

Notably, Brent and WTI had surged by more than $3.50 on Monday as the conflict between Israel and Hamas raised concerns about the potential for the conflict to spread beyond Gaza.

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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