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31/08/
2023

Today’s Announcements & News

Asia

Asia-Pacific markets are expected to mostly rise, reflecting the tech rally seen on Wall Street, driven by Nvidia.

Investors will be closely monitoring Australia’s July inflation numbers, which came in at 4.9%, down from June’s 5.4%. These figures will play a role in the Reserve Bank of Australia’s upcoming monetary policy decision on September 5.

Australia’s S&P/ASX 200 led regional gains, surging by 1.21% and closing at 7,297.7, its highest level since August 15.

Japan’s Nikkei 225 saw its third consecutive day of gains, rising by 0.33% to close at 32,333.46, while the Topix index also extended gains, ending up 0.43% at 2,313.38.

South Korea’s Kospi advanced by 0.35%, closing at 2,561.22, and the Kosdaq closed up 0.83% at 923.81, its highest level since August 1.

However, Hong Kong’s Hang Seng index closed nearly flat, and mainland Chinese markets exhibited mixed performance, with the benchmark CSI 300 blue chip index ending down 0.04% at 3,788.51.

US

U.S. S&P 500 futures remained flat on Wednesday night, following the S&P 500’s fourth consecutive day of gains. Additionally, traders reacted to better-than-expected earnings from Salesforce reported after hours.

Futures for the broader index and Nasdaq 100 futures saw slight gains of 0.02% and 0.04%, respectively, while Dow Jones Industrial Average futures rose by 0.16%, equivalent to 57 points.

Salesforce experienced a notable 6% increase in extended trading following its announcement of fiscal second-quarter results and third-quarter guidance, both of which exceeded analysts’ expectations. These gains had a positive impact on Dow futures.

The previous trading session saw positive results for the major indexes, with the S&P 500 achieving a four-day winning streak and closing 0.38% higher. The Dow Jones Industrial Average added 37.57 points (0.11%), and the tech-heavy Nasdaq Composite gained 0.54%. This marked the fourth consecutive positive day for both the Dow and the Nasdaq.

Despite these recent gains, the major averages are still working to recover from monthly losses, with the Dow and S&P 500 down by more than 1% in August, and the Nasdaq showing a decline of over 2%.

Commodity

Oil prices rose on Wednesday due to U.S. government data indicating tighter-than-expected crude supplies, although concerns about the Chinese economy limited the gains.

Brent crude futures for October settled at $85.86 per barrel, up by 37 cents. The more active November contract also increased, rising by 33 cents to $85.21, with the October contract set to expire on Thursday.

U.S. West Texas Intermediate (WTI) crude futures gained 47 cents, reaching $81.63 per barrel.

The previous day saw both Brent and WTI benchmarks rallying by more than a dollar, partly due to the weakening U.S. dollar following soft job data, which reduced expectations of further interest rate hikes.

Gold reached its highest price in nearly a month on Wednesday, driven by a series of weak U.S. economic indicators that have led to speculation that the Federal Reserve might need to halt its interest rate hikes.

Spot gold recorded a 0.5% increase, reaching $1,945.81 per ounce, coming just below its highest level since August 2. Concurrently, U.S. gold futures also saw a 0.5% rise, reaching $1,974.00 per ounce.

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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