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19/07/2023

Today’s Announcements & News

Asia

On Tuesday, Asia-Pacific markets showed a mixed performance, with Hong Kong and mainland Chinese stocks experiencing losses, while Japanese and South Korean markets displayed mixed results.

Hong Kong stocks tumbled by 2%, primarily driven by declines in real estate and technology stocks. Mainland Chinese markets also ended in negative territory, with the Shanghai Composite down 0.37% and the Shenzhen Component falling 0.34%, both recording a second consecutive day of losses.

In Australia, the S&P/ASX 200 continued its downward trend, closing 0.2% lower for the second day in a row, as investors analyzed the minutes from the Reserve Bank of Australia’s July meeting.

The Nikkei 225 in Japan rose 0.32%, while the Topix index increased by 0.59%. Investors in Japan are anticipating key economic data, including trade balance and consumer price index figures for June, which will be released later in the week.

South Korea’s Kospi slipped 0.43%, while the Kosdaq finished higher by 1.76%, reaching its highest level in over 15 months. The country held its first Nuclear Consultative Group meeting with the U.S., focusing on bolstering nuclear deterrence against North Korea through information sharing, consultation mechanisms, and joint planning and execution.

Overall, the performance of Asia-Pacific markets varied, reflecting a combination of factors including domestic economic data, geopolitical developments, and global market trends.

US

On Tuesday, the Dow Jones Industrial Average closed higher as traders reacted positively to better-than-expected corporate earnings. The Dow added 366.58 points, or 1.06%, reaching a closing level of 34,951.93. The Nasdaq Composite climbed 0.76% to finish at 14,353.64, while the S&P 500 gained 0.71% to end at 4,554.98.

Notably, the Dow extended its winning streak to seven consecutive days, marking its longest winning streak since March 2021. All three major indexes achieved their highest closing levels since April 2022.

Bank of America reported earnings for the second quarter that exceeded expectations, benefiting from higher interest rates. Bank of New York Mellon also surpassed earnings expectations. As a result, shares of both banks rose by more than 4%.

Commodity

On Tuesday, oil prices experienced a more than 1% increase following China’s announcement of measures to support economic growth, as China is the world’s largest oil importer. Additionally, expectations that the U.S. Federal Reserve will soon halt its interest rate hikes and a projected decline in U.S. output contributed to the positive sentiment.

Brent futures rose by $1.13, or 1.4%, settling at $79.63 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude increased by $1.60, or 2.2%, settling at $75.75 per barrel.

This reduction in the Brent-WTI premium to its lowest level since late May makes it less likely for energy companies to send ships to the U.S. to collect crude cargoes for export.

Recent economic news in the U.S., including a report on Tuesday showing weaker-than-expected retail sales in June, has raised expectations that the Federal Reserve will halt its rate hikes after an anticipated 25-basis-point increase at its upcoming meeting on July 25-26.

Gold prices also rose over 1% on Tuesday, reaching a more than one-month high. This increase was supported by a weaker dollar and lower Treasury yields. Investors are speculating that recent economic indicators in the U.S. justify a pause in the Federal Reserve’s interest rate hikes. Gold settled at $1,980.8 per ounce, reflecting a 1.25% gain.

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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