20/09/2023
Today’s Announcements & News
Asia
Asia-Pacific markets experienced broad declines as traders analyzed the minutes from the Reserve Bank of Australia’s policy meeting on September 5. The bank had expressed concerns that inflation in the country remained “too high” and suggested that further policy tightening might be necessary if inflation persists.
In Australia, the S&P/ASX 200 fell by 0.47%. South Korea’s Kospi and Kosdaq both experienced declines of 0.74% and 0.98%, respectively. Japan’s Nikkei 225, returning from a public holiday, slumped by 1.09%, while the Topix had a smaller loss of 0.26%. Hong Kong’s Hang Seng index dipped by 0.21%, and the CSI 300 in mainland China lost 0.31%.
US
On Tuesday, as Wall Street awaited the outcome of the Federal Reserve’s policy meeting, stocks experienced a retreat. The Dow Jones Industrial Average declined by 106.57 points or 0.31%, closing at 34,517.73. The S&P 500 slipped 0.22% to 4,443.95, and the Nasdaq Composite dropped 0.23% to 13,678.19.
Disney saw a more than 3% decline after revealing plans to nearly double its investment in its cruise and parks business. Deere, often regarded as an indicator of future economic activity, fell nearly 3% following a downgrade by investment bank Evercore ISI, citing concerns about agricultural production.
Grocery delivery company Instacart, on the other hand, gained over 12% after going live on the market.
Commodity
Oil prices reached 10-month highs on Tuesday but later retreated as investors decided to take profits after three consecutive sessions of gains, driven by extended production cuts from Saudi Arabia and Russia.
Global benchmark Brent crude futures settled 9 cents lower at $94.34 a barrel, after earlier hitting $95.96 a barrel, the highest since November. U.S. West Texas Intermediate crude futures dropped 28 cents to $91.20 a barrel, having earlier reached $93.74 a barrel, also the highest since November.
Investment bank UBS mentioned that it began taking profits after Brent exceeded $95 a barrel. However, UBS strategists anticipate Brent to trade within a range of $90 to $100 per barrel in the coming months, with a year-end target of $95 per barrel.
Gold, on the other hand, hovered near a two-week peak on Tuesday, staying within a narrow range. All eyes were on the Federal Reserve’s policy meeting for insights into the interest rate outlook and economic projections.
Spot gold remained flat at $1,931.45 per ounce, having reached its highest point since September 5 earlier in the session. U.S. gold futures gained 0.1% to $1,952.90 per ounce.
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.
