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12/12/2023

Today’s Announcements & News

Asia

China’s stocks rebounded after early losses on Monday as data revealing persistent deflationary pressures from weak domestic demand impacted the market. The consumer price index fell 0.5% year-on-year, exceeding expectations and marking the fastest decline since November 2020. The producer price index also fell more than anticipated, contributing to the 14th consecutive month of decline. China’s CSI 300 index rose 0.59%, recovering from a 1% dip earlier, while Japan’s Nikkei 225 surged 1.5%, fueled by speculation that the Bank of Japan might not raise interest rates in its upcoming meeting. Focus this week includes the U.S. Federal Reserve’s expected decision to maintain its policy rate. In Australia, the S&P/ASX 200 reached a three-month high, closing 0.06% higher, and South Korea’s Kospi closed 0.3% higher.

US

The S&P 500 climbed as investors aimed to sustain Wall Street’s year-end momentum. The broad market index gained 0.3%, with the Nasdaq Composite adding 0.1%. The Dow Jones Industrial Average gained 122 points, or 0.3%. Coming off six consecutive weekly gains, investors are anticipating key inflation data this week, influencing market movements and the Federal Reserve’s rate policy. The central bank’s two-day meeting begins Tuesday, and the consumer price index for November is set for release on Tuesday, followed by the producer price index on Wednesday. These economic data points are critical for market strength into the end of 2023.

Commodity

Oil prices remained largely flat on Monday, as concerns persisted about crude oversupply despite OPEC+ cuts and anticipated softer fuel demand growth next year. The West Texas Intermediate contract for January rose 9 cents, or 0.13%, settling at $71.32 a barrel. Meanwhile, the Brent crude contract for February gained 19 cents, or 0.25%, settling at $76.03 a barrel. Despite both contracts experiencing a more than 2% increase on Friday, they concluded a seventh consecutive week of declines, marking their longest streak of weekly decreases since 2018, primarily due to ongoing worries about oversupply.

On Monday, gold prices declined as the dollar and U.S. Treasury yields strengthened, with investors awaiting crucial central bank meetings and U.S. inflation data that could impact the Federal Reserve’s policy direction. Spot gold dropped 1.1% to $1,981.29 per ounce, hitting its lowest level since November 21, while U.S. gold futures eased 0.9% to $1,997.10. The market’s focus on upcoming central bank decisions and economic data contributed to the fluctuation in gold prices.

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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