23/06/2023
Today’s Announcements & News
Asia
Asia-Pacific markets started the final week of June with a mixed performance, as concerns about economic conditions and global market volatility weighed on investor sentiment.
Hong Kong’s Hang Seng index extended last week’s losses, falling 0.4%, while mainland Chinese stocks also declined as the Shanghai Composite closed down 1.48%, recording its fourth consecutive daily loss. The Shenzhen Component in China experienced the largest decline among Asia-Pacific indexes, ending 1.69% lower.
In Japan, the Nikkei 225 reversed earlier gains and closed down 0.25%, while the Topix ended down 0.20%. Australia’s S&P/ASX 200 fell 0.29%, marking its fourth consecutive day of losses, with energy stocks dragging down the index.
However, South Korea’s Kospi managed to buck the wider sell-off, climbing 0.47%, while the Kosdaq also finished in positive territory, up 0.53%.
The market performance reflected ongoing concerns about economic conditions, particularly in Europe and the United States, where rising interest rates and recession fears were unsettling global markets. Additionally, a brief rebellion by the Wagner private military group in Russia over the weekend contributed to higher oil prices on Monday.
United States
On Monday, the Nasdaq Composite experienced a slump as investors sold shares of technology companies, which have been strong performers so far this year. The Nasdaq declined by 1.16% and closed at 13,335.78. The S&P 500 also saw a loss of 0.45%, settling at 4,328.82. Meanwhile, the Dow Jones Industrial Average dipped slightly by 0.04%, or 12.72 points, and ended at 33,714.71.
The decline in the Nasdaq was primarily driven by a pullback in technology giants. Stocks such as Nvidia, Alphabet, and Meta Platforms lost over 3% each. Additionally, Tesla experienced a significant drop of 6% after Goldman Sachs downgraded the electric car maker, citing challenges related to pricing. As the first half of the year entered its final trading week, investors appeared to be rebalancing their portfolios and taking profits from technology stocks, which had shown strong gains previously.
Commodity
On Monday, gold prices rebounded from the previous session’s three-month low, supported by concerns surrounding the political turmoil in Russia. The uncertainty surrounding the attempted insurrection in Russia drove investors towards safe-haven assets like gold, outweighing the risks associated with the Federal Reserve’s hawkish outlook.
Spot gold, representing immediate transactions, rose 0.2% to reach $1,925.53 per ounce. Gold futures, which represent contracts for future delivery, gained 0.4% and traded at $1,938.00.
The political instability in Russia and its potential implications for global geopolitics likely increased the appeal of gold as a safe-haven asset. However, it’s important to note that gold prices can be influenced by various factors, including economic data, central bank policies, geopolitical events, and market sentiment.
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.
