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25/01/2024

Today’s Announcements & News

Asia

Hong Kong’s Hang Seng index surged 3.5%, driven by gains in tech stocks, particularly Alibaba, following reports of founder Jack Ma purchasing $50 million worth of Alibaba shares. Mainland China’s CSI 300 also rose 1.40%, closing at 3,277.1. The People’s Bank of China announced after market close that it would cut the reserve requirement ratio for financial institutions by 50 basis points from February 5.

In Japan, December exports exceeded expectations, resulting in a trade balance surplus of $62.1 billion, contrary to the expected deficit. Australia’s PMI surveys showed an expansion in manufacturing activity in January, contributing to a marginal increase in the S&P/ASX 200.

However, Japan’s Nikkei 225 slid 0.8%, extending losses from the previous day, while South Korea’s Kospi declined 0.36%, with Samsung Electronics and SK Hynix recording notable losses among the top 10 stocks on the index. The small-cap Kosdaq also fell 0.46%.

US

The S&P 500 rose, led by a rally in technology stocks, particularly Netflix, which surged nearly 12% after reporting a record-high subscriber count and exceeding revenue and earnings estimates. The Nasdaq Composite also advanced, contributing to the broader market’s potential to achieve a new all-time closing record. Meanwhile, the Dow Jones Industrial Average traded lower, impacted by declines in Verizon and 3M following their earnings reports. Microsoft rose over 1%, briefly surpassing a market value of $3 trillion, while Meta advanced, pushing its market cap above $1 trillion.

Commodity

U.S. crude oil prices rose around 1% as domestic production significantly declined due to severe winter storms. The West Texas Intermediate (WTI) futures contract for March gained 72 cents, settling at $75.09 a barrel. Meanwhile, gold prices eased on Wednesday, influenced by robust U.S. business activity, although a weakened dollar mitigated losses. Spot gold was down 0.6% at $2,016.04 per ounce, and U.S. gold futures fell 0.4% to $2,017.5.

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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