Today’s Announcements & News
On Tuesday, Asia-Pacific markets experienced mixed trading as investors reacted to China’s central bank decision to cut its one-year and five-year loan prime rates. The Shanghai Composite in mainland China declined by 0.47%, marking its second consecutive day of losses. Conversely, the Shenzhen Component rebounded from its previous day’s loss and rose by 0.28%.
Meanwhile, Hong Kong’s Hang Seng index faced a decline of 1.57%, primarily influenced by the performance of health-care and technology stocks. On a positive note, the S&P/ASX 200 in Australia climbed by 0.86%, reaching 7,357 and leading gains in the region. This increase also extended the index’s winning streak to seven consecutive days.
On Tuesday, the stock market experienced a decline as the rally that propelled it to levels not seen in over a year paused. The Dow Jones Industrial Average fell by 245.25 points, representing a decrease of 0.72%, closing at 34,053.87. The S&P 500 also declined by 0.47% to 4,388.71, while the Nasdaq Composite saw a decrease of 0.16% to 13,667.29.
It’s worth noting that the markets were closed on Monday in observance of the Juneteenth holiday.
On Tuesday, oil futures experienced choppy trading and eased due to forecasts of slower oil demand growth in China, disappointment with the size of cuts in China’s lending rates, and increased crude supplies from Iran and Russia. Brent futures for August delivery fell by 19 cents, or 0.3%, settling at $75.90 a barrel, while U.S. West Texas Intermediate (WTI) crude for July delivery dropped $1.28, or 1.8%, settling at $70.50 on its last day as the U.S. front-month.
In the gold market, prices retreated as strong U.S. housing starts data and a firmer dollar weighed on the precious metal. Spot gold was down 0.7% at $1,936.98 per ounce, after earlier dropping as much as 1%. U.S. gold futures settled 1.2% lower at $1,947.7.
The decline in gold prices was influenced by the positive housing starts data in the United States, while traders awaited Federal Reserve Chair Jerome Powell’s testimony on Capitol Hill for insights into the future trajectory of interest rates.
Furthermore, U.S. single-family homebuilding experienced a significant surge in May, reaching its highest level in over a 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.