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22/06/2023

Today’s Announcements & News

Asia

On Wednesday, Asia-Pacific markets mostly declined, following the negative sentiment from Wall Street. Major Chinese indexes experienced losses, with the Shenzhen Component dropping 2.18% and closing at 11,058.63, primarily impacted by declines in education and technology stocks. The Shanghai Composite also fell 1.31% to end at 3,197.9, marking its third consecutive day of losses.

Hong Kong’s Hang Seng index tumbled about 2%, driven by healthcare and technology stocks.

In Japan, the Nikkei 225 managed to reverse earlier losses and gained 0.56%, while the Topix rose 0.49%. The Nikkei closed at 33,575.14, and the Topix finished at 2,295.01.

However, Australia’s S&P/ASX 200 fell 0.26%, snapping a seven-day winning streak and closing at 7,314.9. South Korea’s Kospi slipped 0.7%, ending at 2,582.63, marking its third consecutive day of losses. The Kosdaq also closed 1.21% down at 875.7.

United States

On Wednesday, the stock market experienced a decline as investors took a pause from the previous week’s rally and assessed the latest comments from Federal Reserve Chair Jerome Powell regarding inflation.

The Dow Jones Industrial Average fell by 102.35 points, or 0.30%, closing at 33,951.52. The S&P 500 dropped 0.52% to 4,365.69, and the Nasdaq Composite slid 1.21% to 13,502.20. These losses marked the third consecutive day of declines for all three indexes.

Several major tech stocks, which had seen significant gains fueled by enthusiasm around artificial intelligence, experienced pullbacks. Amazon shares dropped approximately 0.8% after the Federal Trade Commission filed a lawsuit against the online retailer, alleging that it misled millions of shoppers into signing up for Prime and made it difficult for them to cancel. Nvidia, which has surged nearly 200% this year, declined by 1.7%. Shares of Google-parent Alphabet and Netflix also saw declines of more than 2%.

Commodity

On Wednesday, gold prices managed to recover some of their losses, supported by a pullback in the dollar. However, the increase in bond yields following Federal Reserve Chair Jerome Powell’s congressional testimony kept gold near a three-month low.

Spot gold remained steady at $1,936.96 per ounce after experiencing a decline of up to 0.9% earlier in the session. Meanwhile, U.S. gold futures settled slightly lower, down 0.1%, at $1,944.9.

On Wednesday, oil prices experienced a gain of one dollar per barrel, driven by the surge in U.S. corn and soybean prices to multi-month highs. The rise in agricultural commodity prices raised expectations that global crop shortages could lead to lower biofuels blending, thereby increasing demand for oil.

Brent futures increased by $1.22, or 1.6%, settling at $77.12 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude futures rose by $1.34, or 1.9%, settling at $72.53 per barrel. Both contracts reached their highest levels in two weeks earlier in the session.

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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