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13/11/
2023

Today’s Announcements & News

Asia

Asia-Pacific markets declined on Friday, influenced by the subdued sentiment in U.S. markets, where the S&P 500 ended an eight-day winning streak. This shift in sentiment was driven by rising Treasury yields and signals from Federal Reserve Chair Jerome Powell indicating potential measures to address inflation.

South Korea’s Kospi outperformed for the week with gains of 1.75%, especially boosted by a strong start when the country reintroduced a ban on short selling. However, on Friday, the Kospi closed 0.72% lower at 2,409.6, and the Kosdaq ended 1.69% lower at 789.31. Despite a notable gain on Monday, the Kosdaq experienced declines for four consecutive days, erasing much of the initial gains, ending the week 1.02% higher.

Japan’s Nikkei 225 fell 0.24%, closing at 32,568.11, after seeing gains of nearly 1.5% in the previous session. The Topix index managed marginal gains, closing 0.07% higher at 2,336.72.

Hong Kong’s Hang Seng index dropped 1.74% in the final hour of trading, heading for a weekly decline of 2.59%, making it the worst-performing major benchmark in Asia for the week. China’s CSI 300 index closed 0.73% lower at 3,586.49.

In Australia, the S&P/ASX 200 ended 0.55% lower at 6,976.50.

US

Stocks rebounded on Friday, recovering from the previous session’s losses as Treasury yields stabilized. The Dow Jones Industrial Average advanced 1.15%, closing at 34,283.10. The S&P 500 climbed 1.56% to finish at 4,415.24, and the Nasdaq Composite added 2.05%, marking its best day since May.

All 11 sectors of the S&P 500 were positive, with the technology sector outperforming by rising 2.6%. Notable tech stocks like Microsoft, Apple, Meta, Tesla, and Netflix experienced gains of more than 2% each, while Alphabet gained 1.8%.

This surge on Friday contributed to the three major averages recording a second consecutive week of gains. The S&P 500 advanced 1.3%, the Dow added about 0.7%, and the Nasdaq outperformed, rising approximately 2.4% for the week.

The market rebound occurred as the benchmark 10-year Treasury yield stabilized around the flatline.

Commodity

Oil prices saw a slight increase on Thursday as the market paid little attention to deflationary signs in China and sought more information regarding the demand from the world’s top two oil consumers.

Brent crude futures rose by 42 cents or 0.5%, reaching $79.96 per barrel. U.S. West Texas Intermediate (WTI) crude futures also climbed by 36 cents or 0.5%, reaching $75.69 per barrel.

Meanwhile, gold prices experienced an increase as the U.S. dollar weakened on Thursday. Investors were eagerly awaiting Federal Reserve Chair Jerome Powell’s speech for insights into interest rates. In contrast, palladium, primarily used as an auto-catalyst, fell below the $1,000 per ounce level for the first time since 2018.

Spot gold was up by 0.5% at $1,959.82 per ounce after hitting its lowest point since October 18 earlier in the session. U.S. gold futures also rose by 0.4% to $1,965.10.

Oil prices rose on Friday but are poised to decline for a third consecutive week as worries about supply disruptions from the Israel-Hamas conflict diminished, allowing concerns about demand to resurface. In the market, Brent crude futures for January increased by 73 cents to $80.74 per barrel, while U.S. West Texas Intermediate crude futures for December rose by 66 cents to $76.40.


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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