Today’s Announcements & News
On Wednesday, Asia-Pacific markets saw a shift towards positive territory as investors evaluated China’s industrial data and Australia’s August inflation figures.
Australia’s weighted inflation rate for August increased by 5.2% year-on-year, meeting economists’ expectations polled by Reuters, while the headline inflation reached 5.5%.
Among the major indices, the Australian S&P/ASX 200 was the only one in negative territory, declining by 0.11% to close at 7,030.3.
Japan’s Nikkei 225 rebounded, closing 0.18% higher at 32,371.9, and the Topix advanced by 0.32% to conclude at 2,379.53.
South Korea’s Kospi initially climbed in the afternoon session and ended marginally higher at 2,465.07, while the Kosdaq saw a notable gain of 1.59%, ending an eight-day losing streak at 841.02.
Hong Kong’s Hang Seng index demonstrated a positive turnaround by rising 0.7% in its final hour, reversing losses from the previous day. In the mainland, the CSI 300 index also inched up by 0.21%, closing at 3,700.5.
On Wednesday, the Dow Jones Industrial Average extended its losses from the previous session, facing headwinds as Treasury yields and oil prices saw increases, impacting investor sentiment.
The 30-stock index dropped by 136 points, representing a 0.4% decrease. Earlier in the trading session, it had risen by as much as 112 points. The S&P 500 also declined, by 0.15%, while the Nasdaq Composite managed a modest gain of 0.1%.
Notably, the benchmark 10-year Treasury yield surged by 6 basis points, reaching levels not seen since 2007. The 2-year Treasury yield also experienced an upward movement. Concurrently, U.S. crude futures witnessed a nearly 3% increase, trading above $93 per barrel.
The energy sector performed exceptionally well, recording a rise of over 2%. Key gainers within this sector included Marathon Oil and Devon Energy, both experiencing increases of more than 4%.
On Wednesday, oil prices surged by approximately 3%, driven by a larger-than-expected decline in U.S. crude stocks, heightening concerns of supply constraints amid OPEC+ production cuts.
Brent crude futures exceeded the $97 per barrel mark, trading up by $2.55 to $96.51 per barrel. Meanwhile, U.S. West Texas Intermediate crude futures (WTI) saw a substantial increase of $3.16, reaching $93.54 per barrel. Both benchmarks achieved their highest intraday trading levels for the year.
In contrast, gold prices extended their declines for the third consecutive session:
Spot gold experienced a significant drop of 1.3%, falling to $1,875.79 per ounce. U.S. gold futures followed suit, declining by 1.4% to $1,893.5 per ounce. These declines were attributed to reduced appeal for non-yielding gold, influenced by expectations that the Federal Reserve might maintain elevated interest rates. Traders are also eagerly awaiting U.S. inflation data later in the week for further cues.
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.