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30/11/
2023

Today’s Announcements & News

Asia

Asia-Pacific markets experienced varied movements on Wednesday. Hong Kong markets, particularly the Hang Seng index, led losses, closing down 2.47%. In China, the CSI 300 index concluded 0.86% lower, reaching its lowest level since late October. The decline in Chinese markets was influenced by factors like Meituan’s 12% stock drop after cautioning about a demand slowdown and Pinduoduo’s impressive 94% revenue growth in Q3, surpassing Alibaba’s 9% growth in the same period.

Australia’s S&P/ASX 200 extended gains from Tuesday, rising 0.29% and closing at 7,035.3. The positive momentum followed the country’s overall inflation rate for October, which slowed to 4.8%, the lowest since January 2022.

In South Korea, the Kospi slipped marginally to 2,519.81 after hitting a two-month high on Tuesday. However, the small-cap Kosdaq closed 0.73% up at 822.44.

Japan’s Nikkei 225 fell by 0.26%, marking three consecutive days of losses, while the Topix was down 0.51%, closing at 2,364.5. The market movements were influenced by earnings assessments and comments from U.S. Federal Reserve board members.

US

U.S. stock futures pointed higher Wednesday night, indicating a potential positive start as major indexes aimed to conclude November on a winning note. Futures tied to the Dow Jones rose by 0.28%, while S&P 500 and Nasdaq 100 futures climbed slightly as well.

The extended trading session saw gains for companies like Salesforce, Snowflake, and Nutanix, all rising due to better-than-expected earnings. Salesforce surged 8%, while Snowflake and Nutanix saw gains of over 7%.

While the Dow and S&P 500 ended the day almost flat, they’re close to their year-to-date closing highs, within about 0.5% and 0.8% respectively. The Nasdaq, despite a 0.16% dip during the day, remains about 0.7% away from its 2023 closing high.

November is shaping up to be a strong month for the market, with the S&P 500 up 8.5% and the Nasdaq nearly 11%. These gains would mark the best monthly performance for both since July 2022. The Dow, up 7.2% in November, is set for its strongest month since October 2022.

Commodity

Oil prices climbed on Wednesday, with attention turning to an OPEC+ meeting influencing output policy. West Texas Intermediate (WTI) crude for January rose by 1.9% to settle at $77.86 a barrel, while Brent crude for January increased by 1.74% to settle at $83.10 a barrel.

Meanwhile, gold remained steady near its seven-month high on Wednesday. The expectation that the U.S. Federal Reserve might cut interest rates in the first half of the next year contributed to a positive outlook for the precious metal. Spot gold was up 0.2% at $2,044.18 per ounce, reaching its highest level since May 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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