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18/10/
2023

Today’s Announcements & News

Asia

Australia and China stocks closed higher after a two-day decline, while the New Zealand dollar weakened following an inflation reading post-weekend elections.

The Reserve Bank of Australia released minutes detailing its decision to hold benchmark lending rates at 4.1% during the October monetary policy meeting, marking the fourth consecutive month of unchanged rates.

New Zealand reported a two-year low in inflation, with a rate of 5.6% in the third quarter, down from the previous quarter’s 6%.

China is expected to report its third-quarter GDP on Wednesday, with economists forecasting a growth rate of 4.4% according to a Reuters poll.

In Australia, the S&P/ASX 200 broke a three-day losing streak to close 0.42% higher at 7,056.10, while the kiwi dollar weakened by 0.39%.

Japan’s Nikkei 225 rebounded and led Asian gains, rising by 1.2% to close at 32,040.29. The Topix also advanced, ending at 2,292.08 with a 0.82% gain.

South Korea’s markets reversed Monday’s losses, as the Kospi rose 0.98% to close at 2,460.17, and the Kosdaq gained 1.21% to reach 820.38.

In Hong Kong, the Hang Seng index rose 0.79% in the final trading hour, while mainland Chinese markets ended the session at 0.35% at 3,639.40.

US

On Tuesday, the S&P 500 closed with minimal change as investors analyzed recent movements in bond yields, concluding at 4,373.20, a marginal 0.01% decrease. The Nasdaq Composite fell by 0.25% to 13,533.75, while the Dow Jones Industrial Average gained 13.11 points, or 0.04%, ending at 33,997.65.

The 10-year U.S. Treasury yield reached 4.8%, its highest level since October 6 when it traded at 4.887%. This surge followed stronger-than-expected retail sales data as per a Dow Jones survey.

The broader market has been under pressure recently due to rising yields, as traders contemplate the potential for more extended Federal Reserve tightening measures than anticipated. Additionally, the impact of the Israel-Hamas conflict on the global economy has been a topic of investor consideration.

Commodity

Oil prices inched higher on Tuesday as investors awaited the outcome of U.S. diplomatic efforts and President Joe Biden’s visit to Israel to gauge whether the Middle East conflict will escalate.

Brent crude futures rose by 68 cents, closing at $90.33 per barrel, while *U.S. West Texas Intermediate crude (WTI)* increased by 52 cents to reach $87.18.

Meanwhile, safe-haven gold held on to its recent gains on Tuesday. Traders closely monitored developments in the Israel-Hamas conflict and positioned themselves to respond to cues regarding potential interest rate hikes from Federal Reserve Chair Jerome Powell later in the week.

Spot gold saw a 0.1% increase, reaching $1,921.87 per ounce by 4:19 p.m. ET, and *U.S. gold futures* saw a minor uptick of 0.05% at $1,935.20.

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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