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20/10/
2023

Today’s Announcements & News

Asia

Asia-Pacific markets experienced a significant sell-off, with notable losses in South Korea, Hong Kong, and mainland China, mirroring Wall Street’s recent movement. This decline is attributed to rising U.S. Treasury yields, with the 10-year Treasury yield surpassing 4.9%, a level last seen in 2007. Additionally, the average rate on the 30-year fixed mortgage reached 8%, the highest since 2000.

Japan posted a trade surplus of 62.4 billion yen ($416.6 million) for September, surpassing expectations. In Australia, the unemployment rate dropped to 3.6% last month. Despite these positive economic indicators, the region’s markets experienced significant losses:

Australia’s S&P/ASX 200 fell 1.36%, erasing its weekly gains and closing at 6,981.6. Hong Kong’s Hang Seng index lost 2.43%. China’s CSI 300 index shed 2.13%, nearing a 12-month low. Japan’s Nikkei 225 tumbled 1.91% for its largest single-day loss in two weeks. South Korea’s Kospi was down 1.9%, and the Kosdaq plummeted 3.07%, reaching its lowest level in approximately seven months.

The Bank of Korea’s decision to maintain its interest rates at 3.5% for the sixth consecutive time may have contributed to the decline in South Korea’s stock markets.

US

On Thursday, stock markets experienced a decline as investors closely followed commentary from Federal Reserve Chair Jerome Powell. The major U.S. indexes recorded the following changes:

The Dow Jones Industrial Average fell by 250.91 points, or 0.75%, closing at 33,414.17. The S&P 500 dropped by 0.85%, finishing at 4,278. The Nasdaq Composite saw a 0.96% decline, closing at approximately 13,186.

Powell’s remarks included discussions on inflation, economic growth, and monetary policy. He highlighted concerns about persistently high inflation but also mentioned signs of progress in moderating price increases. Powell’s assessment of monetary policy indicated that it was not yet too tight. His comments played a role in market sentiment and contributed to the day’s stock market movements.

Commodity

The price of gold continued its upward trend for a third consecutive session, driven by growing tensions in the Middle East that increased demand for safe-haven assets. Spot gold rose 1.3% to reach $1,973.41 per ounce, while U.S. gold futures settled 0.6% higher at $1,980.50. The ongoing conflict in the Middle East contributed to the safe-haven appeal of gold.

Oil prices also experienced an upward trend as traders remained concerned that Israel’s military campaign in Gaza could escalate into a regional conflict. Brent futures for December settled up 1%, or 88 cents, at $92.38 per barrel, while U.S. West Texas Intermediate (WTI) futures for November, set to expire on Friday, rose by $1.05, or 1.2%, to $89.37 a barrel. The volatile situation in the Middle East had an impact on oil market sentiment.

These market movements were influenced by events in the Middle East and remarks from Federal Reserve Chair Jerome Powell, which contributed to shifts in demand for safe-haven assets and oil prices.

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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