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16/10/
2023

Today’s Announcements & News

Asia

Hong Kong stocks tumbled more than 2%, leading declines in the broader Asia-Pacific markets, as investors reacted to China’s inflation and trade data for September.

China reported a flat consumer price index for September, below analysts’ expectations of a 0.2% increase. Additionally, China’s producer price index saw a 2.5% decline, which exceeded Reuters’ estimates of a 2.4% drop.

In Hong Kong, the Hang Seng index traded 2.45% lower during its final hour of trade, reflecting the negative sentiment. China’s benchmark CSI 300 also fell, closing at 3,663.41, marking a 1.05% decline.

In Japan, the Nikkei 225 saw a 0.55% decrease, closing at 32,315.99, and South Korea’s Kospi fell 0.95% to end at 2,456.15, adding to the regional downturn.

US

Stocks experienced a decline on Friday, influenced by rising oil prices and growing inflation expectations, capping off a turbulent week.

The S&P 500 fell by 0.50%, closing at 4,327.78. The tech-focused Nasdaq Composite faced a 1.23% decrease, settling at 13,407.23. Meanwhile, the Dow Jones Industrial Average was the exception, with a gain of 0.12% or 39.15 points, ending at 33,670.29.

For the week, both the S&P 500 and Dow recorded gains. The S&P 500 increased by 0.45%, marking its second consecutive positive week, while the Dow advanced by 0.79%. The Nasdaq, however, saw a decline of 0.18%.

Commodity

Oil prices surged over 5% on Friday due to heightened geopolitical tensions in the Middle East.

U.S. West Texas Intermediate crude futures saw a 5.8% increase, settling at $87.7 per barrel, marking the most substantial daily gain since April 3. Meanwhile, the international benchmark Brent crude futures with a December expiry rose $4.89, or 5.7%, reaching $90.89 per barrel.

Gold prices also experienced a substantial increase of over 3% on Friday. The intensifying conflict in the Middle East drove investors to seek safe-haven assets. Additionally, expectations that U.S. interest rates may have peaked further boosted gold, which is a zero-yield asset.

Spot gold’s price was last reported as up by 3.24%, reaching $1,929.2194 per ounce. U.S. gold futures closed 3.1% higher at $1,941.50, resulting in a 5.2% gain for the week.

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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