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18/01/2024

Today’s Announcements & News

Asia

Hong Kong’s Hang Seng index plunged 3.68%, closing at 15,282.32, marking its lowest level since November 2022. The mainland Chinese CSI 300 also dropped to an almost five-year low, falling 2.18% to close at 3,229.08, following China’s fourth-quarter GDP growth missing estimates at 5.2%.

South Korea’s Kospi declined by 2.47%, closing at 2,435.9, its lowest since November 14, while the small-cap Kosdaq dipped 2.25% to 833.05. In Australia, the S&P/ASX 200 fell for a fourth day, down 0.29% at 7,393.1.

Japan’s Nikkei 225 extended losses for a second consecutive day, slipping 0.4% to 35,477.75, and the Topix fell 0.3% to end at 2,496.38. China AMC Fund Management reportedly temporarily suspended Nikkei 225 ETF fund trading due to high premiums.

Japanese IT multinational Fujitsu was the second-largest loser on the Nikkei following its Europe co-CEO’s apology, stating the company had a “moral obligation” to compensate wrongly convicted sub-postmasters in the UK.

US

Stocks fell on Wednesday as Treasury yields rose following stronger-than-expected U.S. economic data. The Dow Jones Industrial Average declined by 134 points (0.4%), the S&P 500 lost 0.7%, and the Nasdaq Composite fell 0.8%. Charles Schwab dropped 1.7% after reporting mixed quarterly results, while Walgreens and Caterpillar each lost over 4%, leading to Dow’s overall losses. Boeing gained about 1%, marking a recovery after weeks of significant losses. Retail sales data for December exceeded expectations, indicating a resilient consumer and raising doubts about aggressive rate cuts from the Federal Reserve. The 10-year Treasury yield rose to 4.11%.

Commodity

Gold prices fell to a more than one-month low on Wednesday, dropping 1.1% to $2,005.29 per ounce, the lowest since December 13. The decline was attributed to strong economic data strengthening the dollar and Treasury yields, reducing expectations of a U.S. rate cut in March. U.S. gold futures also fell 1.1% to $2,007.3. Meanwhile, oil prices dropped over $1 as China’s economic growth slightly missed expectations, raising concerns about future demand, and the strength of the U.S. dollar dampened investor risk appetite. Brent crude futures fell 1.57% to $77.06 per barrel, while U.S. West Texas Intermediate crude futures were down 1.27% at $71.48.

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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