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18/07/2023

Today’s Announcements & News

Asia

Asian-Pacific markets experienced a decline on Monday as investors analyzed economic data from China. China’s second-quarter GDP growth of 6.3% fell below economists’ expectations. Hong Kong markets were closed due to Typhoon Talim, with a signal No. 8 in force until at least 4 pm. In mainland China, the Shanghai Composite and Shenzhen Component both ended lower. Australia’s S&P/ASX 200 snapped a four-day winning streak, while South Korea’s Kospi also ended its winning streak. Japan’s markets were closed for Marine Day. Singapore’s non-oil domestic exports dropped, while Indonesia’s trade balance for June surged more than expected.

US

On Monday, stocks on Wall Street showed gains as investors prepared for quarterly reports from major companies. The Dow Jones Industrial Average rose 76.32 points, or 0.22%, reaching its highest closing level in 2023. The S&P 500 increased by 0.39%, and the Nasdaq Composite advanced 0.93%. Shares of Apple saw a 1.7% increase, Tesla climbed 3.2%, and JPMorgan Chase ticked up 2.4%.

Commodity

On Monday, oil prices dropped by over 1.5% due to weaker than expected Chinese economic growth, which raised concerns about the strength of demand in the world’s second-largest oil consumer. Additionally, the partial restart of halted Libyan output also exerted downward pressure on prices.

China’s gross domestic product (GDP) grew 6.3% year-on-year in the second quarter, falling short of analyst forecasts of 7.3%. This lower-than-expected economic growth added to worries about the Chinese economy.

Warren Patterson, ING’s head of commodities research, commented that the disappointing GDP figure is unlikely to alleviate concerns over the Chinese economy.

Brent crude settled down $1.37 or 1.7% at $78.50 per barrel, while U.S. West Texas Intermediate crude closed $1.27 or 1.7% lower at $74.15 per barrel. Both contracts experienced a second consecutive day of losses.

On Monday, gold prices remained relatively unchanged as bullion traders continued to be uncertain about whether the Federal Reserve will soon indicate an end to its monetary tightening measures.

Spot gold was last down 0.02% at $1,954.6001 per ounce, while U.S. gold futures settled 0.4% lower at $1,956.40. The slight decline in gold prices reflects the cautious sentiment among traders who are awaiting further signals from the Federal Reserve regarding its monetary policy.

The uncertainty surrounding the future direction of interest rates and monetary policy decisions has contributed to the relatively subdued movement in gold prices. Investors are closely monitoring any indications from the Federal Reserve that could impact the demand for gold as a hedge against inflation and economic uncertainty.

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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