Today’s Announcements & News
Asia-Pacific markets showed a mixed trend on Tuesday. Chinese property stocks experienced gains after reports that regulators are preparing a list of 50 developers eligible for financing. Asian chip stocks rose, with Microsoft and Nvidia making significant gains. Taiwan’s stock index, home to major chipmakers, closed higher. Hong Kong’s Hang Seng index and the Hang Seng Tech index fluctuated, and mainland Chinese markets saw modest gains. Australia’s S&P/ASX 200 extended gains, while Japan’s Nikkei 225 closed lower for the second consecutive day. South Korea’s Kospi and Kosdaq showed positive movements.
Stocks were down as traders assessed the latest Federal Reserve meeting minutes. The Dow Jones Industrial Average slipped 93 points, the S&P 500 dipped 0.2%, and the Nasdaq Composite fell 0.6%. The Fed indicated a need for a “restrictive” policy to address concerns about stubborn or rising inflation. Policymakers left the benchmark rate at 5.25% to 5.5% during their Oct. 31-Nov. 1 meeting. Fed funds futures pricing suggests expectations of the Federal Open Market Committee holding steady in December, with potential cuts starting in May.
Gold prices surged past the crucial $2,000 an ounce mark on Tuesday, reflecting expectations of the Federal Reserve concluding interest rate hikes. This optimism pressured the dollar, while investors anticipated the U.S. central bank’s meeting minutes for further policy insights.
rose 1.14% to $1,99.76 per ounce, reaching $2,007.29, its highest level since Nov. 3. U.S. gold futures
also climbed 1.11% to $2,002.20.
Oil markets remained largely stable Tuesday as investors exercised caution before the upcoming OPEC+ meeting on Sunday. The group might discuss deepening supply cuts due to global growth slowdown concerns.
Brent crude for January added 13 cents, or .16%, settling at $82.45 a barrel, while West Texas Intermediate for January dipped 6 cents, or .08%, settling at $77.77 a barrel.
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.