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24/08/
2023

Today’s Announcements & News

Asia

In Asia-Pacific markets on Wednesday, various economic indicators and events influenced mixed performances:

Australia’s S&P/ASX 200 index ended up 0.38% at 7,148.4, reversing earlier losses. Private business activity surveys showed a contraction in August, with a PMI of 47.1.

Japan’s Nikkei 225 index increased by 0.48% to close at 32,010.26, while the Topix gained 0.5% to end at 2,277.05. Japan’s business activity expanded more rapidly in August, with a flash PMI of 54.3.

In South Korea, the Kospi fell by 0.41% to close at 2,505.5, while the Kosdaq lost 1.17%, closing at 882.87.

Hong Kong’s Hang Seng index was up 0.37% in its final hour of trading.

Mainland China’s benchmark CSI 300 index fell 1.64%, closing at 3,696.63.

Singapore’s Straits Times Index inched up 0.29% after the country’s core inflation rose to 3.8% in July compared to the previous year.

US

Stocks ended higher on Wednesday as Wall Street awaited the latest quarterly figures from Nvidia, the high-flying chipmaker that’s been bolstered by the artificial intelligence craze on Wall Street. A decline in yields also buoyed sentiment among investors.

The Dow Jones Industrial Average closed 184.15 points higher, or 0.5% at 34,472.98. The S&P 500 gained 1.1% to end the day at 4,436.01, its best daily performance since June 30. The tech-heavy Nasdaq Composite climbed 1.6% to 13,721.03, making for three straight days of gains.

Nvidia is slated to report second-quarter earnings after the bell. Analysts polled by Refinitiv expect the company to report sharp year-over-year spikes in profit and revenue. Nvidia is the best-performing S&P 500 stock of 2023, up more than 200%, as investors cheer the company’s AI-related prospects.

Investors will look to the report for signs that the AI trend has more momentum. If not, it’s possible the August downturn will be prolonged. Shares closed 3% higher ahead of the release.

Commodity

Oil prices dipped 1% on Wednesday as demand concerns, stemming from a build in U.S. gasoline stocks and weak manufacturing data globally, outweighed optimism around a larger-than-expected drop in U.S. crude stocks.

Brent crude was down 82 cents, or 0.98%, at $83.21 a barrel, bouncing off a 2.5% decline earlier in the session. U.S. West Texas Intermediate crude was down 75 cents, or 0.9%, at $78.89. At the session low, it was down 3.4%.

Gold prices jumped 1% to a near two-week high on Wednesday, helped by a pullback in U.S. bond yields and the dollar as investors looked ahead to the Jackson Hole symposium for guidance on interest rates.

Spot gold rose 1% to $1,916.20 per ounce after hitting its highest since Aug. 11. It was also poised to register its biggest daily percentage rise in over a month.

U.S. gold futures settled 1.1% higher at $1,948.10.

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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