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29/11/
2023

Today’s Announcements & News

Asia

The Asia-Pacific markets experienced mixed performance on Tuesday. Oil prices initially eased lower after news of an extended truce between Israel and Hamas, but losses were later reversed. Brent futures and West Texas Intermediate crude futures showed resilience, trading at $80.17 and $75.01 a barrel, respectively.

South Korea’s Kospi led gains in the region, rising by 1.05%, while the Kosdaq saw a more modest gain of 0.76%. The S&P/ASX 200 in Australia gained 0.39%, closing at 7,015.2, with anticipation for October inflation readings scheduled for Wednesday. Japan’s Nikkei 225 slipped lower by 0.12%, closing at 33,408.39, while the Topix fell by 0.21% to 2,376.71.

Hong Kong’s Hang Seng index experienced a decline of 1.02%, extending losses from Monday. In contrast, the mainland Chinese CSI 300 index reversed earlier losses, rising by 0.19% and finishing at 3,518.52. Market movements in the region are influenced by a combination of geopolitical events, economic data releases, and broader global economic trends.

US

Stock futures showed little change on Tuesday, reflecting investor uncertainty regarding the Federal Reserve’s stance on interest rates. Dow Jones Industrial Average futures edged up by 16 points (0.04%), S&P 500 futures and Nasdaq 100 futures remained close to the flatline.

Las Vegas Sands saw a more than 3% decline after its largest shareholder, Miriam Adelson, announced a plan to sell $2 billion in shares. NetApp experienced an 11% surge in after-hours trading following positive earnings guidance and surpassing analyst expectations. In regular trading, modest gains were observed, with the S&P 500 rising by 0.1%, the Nasdaq Composite gaining about 0.3%, and the Dow inching higher by 0.2%.

Federal Reserve Governor Christopher Waller’s comments suggested that the current monetary policy is sufficiently restrictive to address inflation concerns, contributing to optimism among investors. Market sentiment remains influenced by uncertainties surrounding interest rates and various corporate developments.

Commodity

Oil prices surged approximately 2% on Tuesday, supported by factors such as the potential extension or deepening of supply cuts by OPEC+, a decline in Kazakh oil output due to a storm, and a weakened U.S. dollar. Key points include:

Brent crude futures settled up 2.1% at $81.68 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 2.1% to settle at $76.41.

OPEC+ is scheduled for an online ministerial meeting on Thursday to discuss production targets for 2024. The talks are expected to be challenging, and there’s speculation about a rollover of the previous agreement instead of deeper production cuts.

Gold extended its upward trend for the fourth consecutive session, reaching a more than six-month high. The retreat of the U.S. dollar and expectations that the Federal Reserve has concluded interest rate hikes contributed to gold’s rise.

These dynamics reflect the intricate interplay between geopolitical factors, global economic conditions, and the policies of major oil-producing nations.

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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