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13/06/2023

Today’s Announcements & News

Asia

Asia-Pacific markets returned from a strong week with mixed trading as investors eagerly awaited major central bank meetings scheduled ahead. The U.S. Federal Open Market Committee (FOMC) meeting is set to take place on June 13-14, followed by the European Central Bank meeting on Thursday, and the conclusion of the Bank of Japan’s meeting on Friday.

In China, the Shenzhen Component led gains in the region, closing 0.78% higher at 10,873.74, driven by education stocks. However, the Shanghai Composite ended the day marginally lower at 3,228.83, breaking a three-day winning streak.

Hong Kong’s Hang Seng index experienced a slight decline of 0.13% in a mostly flat session during its final hour of trade.

In Japan, the Nikkei 225 continued to hover near 33-year highs, rising 0.52% to close at 32,434. The broader Topix index also saw gains, ending the day up 0.65% at 2,238.77.

South Korean stocks had a downward trend, with the Kospi sliding 0.47% to close at 2,629.35, retreating from its highest level in a year reached last Friday. On the other hand, the Kosdaq managed to gain 0.23%, ending the day at 885.76.

Australian markets remained closed for a holiday, and trading did not take place.

United States

On Monday, the S&P 500 surged to its highest level in 13 months as traders remained hopeful that the Federal Reserve would refrain from raising interest rates during its policy decision on Wednesday.

The S&P 500 experienced a gain of 0.9%, steadily increasing throughout the trading day. It surpassed its previous high in August and reached its highest levels since late April 2022. Similarly, the Nasdaq Composite rose by 1.38% to also reach a 13-month high. The Dow Jones Industrial Average climbed 165 points, or 0.5%.

Market expectations have been leaning towards the Fed choosing not to raise rates at this week’s meeting, with traders pricing in a 74% probability of no rate hike, according to the CME Group’s FedWatch tool. It is worth noting that the Fed has raised rates for the past 10 consecutive times.

The inflation data scheduled for release on Tuesday could further support the notion that inflation is easing, as economists anticipate the consumer price index to indicate a decrease to a 4% annual rate in May, down from 4.9% in the previous month.

Certuity co-chief investment officer Dylan Kremer believes that the central bank will ultimately decide to skip a rate hike for June. However, it is likely that the Fed will continue raising rates in the future.

Commodity

On Monday, oil prices dropped to multi-week lows amid concerns over rising global supplies and uncertainties surrounding demand growth ahead of important inflation data and the upcoming U.S. Federal Reserve meeting.

Brent crude futures experienced a decline of $2.97, or 3.97%, settling at $71.82 per barrel, while U.S. West Texas Intermediate (WTI) fell by $3.09, or 4.42%, to $67.07 per barrel.

Meanwhile, gold prices experienced a slight dip on Monday as the dollar and bond yields strengthened. Traders also prepared for a busy week that included significant U.S. inflation reports and major central bank policy meetings, with particular attention on the Federal Reserve.

Spot gold saw a decrease of 0.23% to $1,956.00 per ounce, while U.S. gold futures settled 0.4% lower at $1,969.70.

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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