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19/06/2023

Today’s Announcements & News

Asia

Friday saw positive movements in Asia-Pacific markets, as the Bank of Japan maintained its benchmark interest rate at -0.1%. In Japan, stocks rebounded from earlier losses, with the Nikkei 225 closing up 0.66% at 33,706.08, and the Topix advancing 0.28% to reach 2,300.36. These indexes are currently at their highest levels in 33 years.

Australia’s S&P/ASX 200 experienced its largest one-day gain in about two months, rising 1.06% to close at 7,251.2. South Korea’s Kospi also saw an increase of 0.66%, closing at 2,625 and ending two consecutive days of losses. Additionally, the Kosdaq rose 1.13% to finish at 887.95.

In Hong Kong, the Hang Seng index climbed 0.82%, continuing its rally after a 2% gain on Thursday. Mainland Chinese stocks also displayed positive performance, with the Shanghai Composite rising 0.63% to end at 3,272.33, and the Shenzhen Component recording its seventh consecutive day of gains with a 1.11% increase.

United States

Stocks closed the week with a slight decline on Friday. The S&P 500 ended the day down 0.37% at 4,409.59, while the Dow Jones Industrial Average slipped 0.32% or 108.94 points to close at 34,299.12. The Nasdaq Composite also lost 0.68%, finishing the session at 13,689.57.

Key highlights from the week include the S&P 500’s best performance since March, with a 2.6% gain. This marks the fifth consecutive positive week for the index, a streak not seen since November 2021. The index has also surged more than 26% from its bear market low.

The Nasdaq Composite had its best week since March, recording an approximately 3.3% increase. It achieved its longest winning streak since 2019, with eight consecutive weeks of gains. Both the Nasdaq and S&P 500 reached their highest levels since April 2022.

The Dow Jones Industrial Average had its third positive week in a row, with a gain of nearly 1.3%.

Commodity

Gold prices experienced volatility on Friday as investors grappled with a hawkish outlook on interest rates from the Federal Reserve, which offset the support gained from the overall retreat of the dollar throughout the week.

By 12 p.m. EDT (1800 GMT), spot gold inched up 0.1% to $1,958.83 per ounce, heading towards a slight 0.1% weekly decrease. U.S. gold futures settled nearly unchanged at $1,971.20.

Oil prices increased on Friday, resulting in a weekly gain, driven by higher demand from China and supply cuts by OPEC+, despite concerns about a weakening global economy and the potential for further interest rate hikes.

Brent crude settled at $76.61 a barrel, rising by 94 cents, while U.S. West Texas Intermediate (WTI) crude increased by $1.16 to $71.78.

For the week, Brent crude posted a gain of 2.4%, while WTI rose by 2.3%.

The growth in oil prices this week was supported by optimistic expectations of increased demand from China. China’s refinery throughput reached its second-highest level on record in May, and the CEO of Kuwait Petroleum Corp anticipates continued growth in Chinese demand during the second half of the year.


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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