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28/07/2023

Today’s Announcements & News

Asia

Asia-Pacific markets are expected to open lower as investors await the Bank of Japan’s rate decision on Friday. The central bank is anticipated to maintain its benchmark policy rate at -0.1%, but market participants will closely monitor any indications of a potential shift in the bank’s yield curve control policy.

In Japan, the Nikkei 225 futures suggest a lower start, with the futures contract in Chicago at 32,600 and its counterpart in Osaka at 32,570, compared to the index’s last close at 32,891.16.

Australia’s S&P/ASX 200 futures indicate a lower opening as well, standing at 7,367, below the index’s last close of 7,455.9, ahead of the release of producer price index figures for the second quarter.

Similarly, futures for Hong Kong’s Hang Seng index point to a lower open, with the futures standing at 19,347 compared to the HSI’s last close of 19,639.11.

US

On Thursday night, stock futures were relatively flat as investors awaited new inflation data scheduled for release on Friday morning.

Futures linked to the Dow Jones Industrial Average showed a gain of 14 points (0.04%), while S&P 500 futures ticked up by 0.07%, and Nasdaq 100 futures advanced 0.1%.

After-hours trading saw mixed reactions to earnings reports, with Intel surging over 8% due to positive feedback on its return to profitability. Similarly, Roku climbed 8.5% after surpassing Wall Street expectations for both revenue and earnings. However, T-Mobile experienced a nearly 2% decline as its revenue fell short of anticipated levels.

Investors are particularly interested in the June data for the personal consumption expenditures price index, which is closely monitored by the Federal Reserve as a gauge of inflation. Economists polled by Dow Jones expect core PCE to have increased by 0.2% from the previous month and 4.2% compared to the same month last year.

Commodity

On Thursday, oil prices settled higher, with Brent crude surpassing $84 a barrel for the first time since April. This rise was supported by supply tightness due to OPEC+ production cuts and a positive outlook for Chinese demand and global growth.

Crude oil has experienced four consecutive weeks of gains, largely attributed to the expected tightening of supply resulting from output cuts by OPEC+ and some involuntary disruptions in production.

In contrast, gold prices declined over 1% to reach a two-week low on Thursday. This drop was influenced by a stronger dollar and an increase in bond yields following better-than-expected U.S. economic data.

Spot gold dropped 1.2% to $1,948.69 per ounce, marking its lowest level since July 12. Similarly, U.S. gold futures settled 1.2% lower at $1,945.70.

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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