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15/08/2023

Today’s Announcements & News

Asia

On Monday, Asia-Pacific markets experienced a decline, primarily driven by a significant drop in Hong Kong’s Hang Seng index. The index plummeted by nearly 2%, largely influenced by declines in basic materials and consumer cyclical stocks. The real estate sector also faced a sell-off, with Country Garden Holdings, a real estate firm, leading the losses on the Hang Seng Index.

Mainland Chinese stocks also suffered losses, as all major indices were in negative territory. The CSI 300, a prominent benchmark for mainland Chinese stocks, closed 0.73% lower at 3,855.9 on Monday.

In Japan, the Nikkei 225 index fell by 1.27%, ending the day at 32,059.91. The broader Topix index also saw a decline of 0.98%, closing at 2,280.89. Japan is expecting to release its second-quarter gross domestic product (GDP) figures on Tuesday, along with July’s inflation data scheduled for Friday.

South Korea’s Kospi index experienced a decrease of 0.79%, concluding at 2,570.87, while the Kosdaq index encountered a larger loss of 1.15%, finishing at 901.68. Both indexes extended their losing streak for the third consecutive day.

Meanwhile, Australia’s S&P/ASX 200 index dropped by 0.86%, marking its second consecutive day of losses and closing at 7,277.

US

On Monday, the S&P 500 and the Nasdaq Composite experienced gains on Wall Street, propelled by a rebound in chip stocks and technology-related companies.

The S&P 500, a broad market index, increased by 0.58%, closing at 4,489.72. The Nasdaq Composite, known for its heavy representation of tech stocks, gained 1.05%, concluding the day at 13,788.33. Meanwhile, the Dow Jones Industrial Average rose by 26.23 points, equivalent to 0.07%, ending the session at 35,307.63.

Notably, Nvidia, a prominent chip giant, closed with a notable 7.1% increase, marking a turnaround after an 8.5% decline the previous week. This surge in Nvidia’s shares followed Morgan Stanley’s reaffirmation of Nvidia as a top pick ahead of its earnings report. The positive momentum extended to chip stocks as a whole, with the VanEck Semiconductor ETF (SMH) rising by 3%. However, despite this rebound, the SMH ETF remains down by over 6% for the month of August.

These developments occurred amidst a period of struggle for stocks to maintain their upward momentum in the late summer of 2023. In the previous week, both the S&P 500 and the Nasdaq experienced declines of 0.3% and 1.9%, respectively. Notably, it was the Nasdaq Composite’s first two-week losing streak of the year. In contrast, the Dow managed to gain 0.6%, marking its fourth positive week in the past five.

Looking ahead, the upcoming week’s focus could be on insights into the state of the U.S. consumer. Earnings reports are expected from major retailers such as Home Depot, Target, and Walmart. Additionally, retail sales data from the month of July is scheduled to be released on Tuesday morning.

Commodity

On Monday, oil prices experienced a decline due to concerns about China’s struggling economic recovery and the strengthening of the dollar, which disrupted the momentum generated by seven consecutive weeks of gains amid tight supply.

U.S. West Texas Intermediate (WTI) crude settled down by 68 cents, or 0.82%, at $82.51 per barrel. Meanwhile, Brent crude futures concluded at $86.21 per barrel, marking a decrease of 60 cents, or 0.69%.

The fading hope for China’s economy to return to its pre-pandemic levels of demand has left oil markets with limited prospects for future growth. Walter Zimmerman, the chief technical analyst at ICAP-TA, noted that there are few positive factors to support oil markets’ hopes for sustained growth.

Gold prices also saw a decline on Monday, dropping to a level not seen in over a month. The stronger dollar played a role in diminishing the appeal of bullion, while investors awaited new catalysts to determine potential downsides following the mixed U.S. inflation data reported last week.

Spot gold fell by 0.3% to $1,907.40 per ounce by 02:47 p.m. EDT (1847 GMT), after hitting its lowest level since July 6. U.S. gold futures settled 0.1% lower at $1,944.00 per ounce.

The dollar experienced a 0.3% increase, reaching its highest level in over a month. This appreciation made gold, priced in dollars, more costly for buyers outside of the United States. Additionally, benchmark 10-year Treasury yields reached a nine-month high on the same day.

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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