Global Markets:
- Asian Stock Markets : Nikkei up 2.53%, Shanghai Composite up 0.99%, Hang Seng up 0.31% ASX up 0.07%
- Commodities : Gold at $2151.5 (-0.36%), Silver at $25.27 (-0.63%), Brent Oil at $85.53 (0.46%), WTI Oil at $80.9 (0.52%)
- Rates : US 10-year yield at 4.302, UK 10-year yield at 4.130, Germany 10-year yield at 2.431
News & Data:
- (USD) Import Prices m/m 0.3% vs 0.3% expected
Markets Update:
On Monday, Asia-Pacific markets saw significant gains, driven by Japan’s Nikkei 225 index and continued upward momentum in Chinese shares following strong economic data at the year’s start. The upcoming Federal Open Market Committee meeting of the U.S. Federal Reserve, starting Tuesday, is expected to maintain benchmark interest rates at 5.25% to 5.5%, according to a Reuters survey. Likewise, the Reserve Bank of Australia is anticipated to keep its cash rate steady at 4.35% after its Tuesday meeting. Conversely, expectations from a Reuters poll suggest the Bank of Japan may raise its benchmark rate from -0.1% to 0% in its Tuesday announcement, signaling a potential exit from its negative interest rate policy.
In Europe, the Bank of England is likely to maintain its rates at 5.25%. Positive economic indicators from China showed retail sales and industrial production exceeding expectations in the first two months of the year, with the urban unemployment rate at 5.3% in February. This led China’s CSI 300 index to rise by 0.63% after the data release.
In Australia, the S&P/ASX 200 closed marginally higher at 7,675.80. South Korea’s Kospi rebounded by 0.72% after a nearly 2% decline on Friday, while the small-cap Kosdaq surged by 1.45%. The Taiwan Weighted index recorded a 1% increase, with shares of Taiwan Semiconductor Manufacturing Company rising by 1.87%. In the U.S. market on Friday, all three major indexes experienced losses due to persistent concerns about inflation ahead of the Federal Reserve’s policy meeting. The S&P 500 declined by 0.65%, the Dow Jones Industrial Average dipped by 0.49%, and the Nasdaq Composite slipped by 0.96%.
Upcoming Events:
- 12:30 PM GMT – CAD IPPI m/m
- 12:30 PM GMT – CAD RMPI m/m
