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13/07/2023

Today’s Announcements & News

Asia

Asia-Pacific markets showed a mixed performance ahead of key inflation data releases in India and the U.S. Economists anticipate a slight decline in the U.S. inflation rate for June, which will provide insights into the Federal Reserve’s approach to interest rate hikes.

In Japan, the Nikkei 225 index experienced a 0.81% decline, falling below the 32,000-point mark for the first time in over a month. The Topix index also saw a 0.67% decrease.

Australia’s S&P/ASX 200 index, on the other hand, gained 0.38% and continued its upward momentum from the previous day.

South Korea’s Kospi index climbed 0.48%, while the Kosdaq index had a smaller increase of 0.13%. However, the country witnessed a slight rise in the unemployment rate to 2.6% in June.

Hong Kong’s Hang Seng index recorded a 0.91% gain, but mainland Chinese indexes traded in negative territory. The Shanghai Composite index closed 0.78% lower, and the Shenzhen Component index was down 0.99% at the end of the trading session.

US

Stocks experienced a rise on Wednesday as positive data sparked optimism that the Federal Reserve can successfully control inflation without causing a recession in the U.S. economy. The S&P 500 index reached a new high for the year 2023.

The broad-market S&P 500 index advanced by 0.74%, closing at 4,472.16. The Dow Jones Industrial Average rose by 86.01 points, or 0.25%, to end at 34,347.43. The tech-focused Nasdaq Composite index surged by 1.15% to reach 13,918.96. Both the S&P 500 and the Nasdaq closed at their highest levels since April 2022.

Commodity

Oil prices closed higher on Wednesday, with Brent futures surpassing $80 a barrel for the first time since May. This was driven by U.S. inflation data that raised hopes of fewer interest rate hikes from the Federal Reserve, which could support economic growth and oil demand.

Meanwhile, gold prices surged over 1% following indications of easing inflation in the United States. This boosted expectations that the Federal Reserve might slow down its interest rate hike cycle earlier than anticipated.

Spot gold rose by 1.33% to $1,957.6418 per ounce, while U.S. gold futures settled 1.3% higher at $1,961.70.

In June, U.S. consumer prices experienced modest growth, resulting in the smallest annual increase in over two years. The Consumer Price Index (CPI) rose by 3.0% in the 12 months through June, slightly lower than Reuters’ estimates of 3.1%.

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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