Global Markets:
- Asian Stock Markets : Nikkei Holiday, Shanghai Composite up 0.55%, Hang Seng up 0.28% ASX down 0.10%
- Commodities : Gold at $2159.5 (-0.26%), Silver at $25.07 (-0.13%), Brent Oil at $87.13 (-0.26%), WTI Oil at $82.4 (-0.26%)
- Rates : US 10-year yield at 4.29, UK 10-year yield at 4.078, Germany 10-year yield at 2.4415
News & Data:
- (CAD) CPI m/m 0.3% vs 0.6% expected
Markets Update:
Asian-Pacific markets rallied as investors absorbed significant shifts in monetary policies and awaited the U.S. Federal Reserve’s interest rate decision. The Bank of Japan’s move to raise interest rates for the first time in 17 years and scrap its yield curve control policy spurred the Nikkei to surpass the 40,000 mark. Meanwhile, the People’s Bank of China kept its one- and five-year loan prime rates unchanged, serving as pivotal benchmarks for loans and mortgages.
Hong Kong’s Hang Seng index reversed earlier losses to climb 0.60%, while the mainland Chinese CSI 300 also rose about 0.20% after an initial dip. However, Australia’s S&P/ASX 200 experienced a slight dip of 0.1% following the central bank’s decision to maintain rates for the third consecutive meeting.
South Korea’s Kospi surged by 1.25%, driven by a significant rise in heavyweight Samsung Electronics, while the smaller-cap Kosdaq edged up by 0.08%. Japan’s Nikkei 225 remained closed for a public holiday.
In the United States, all three major indexes saw gains as the Federal Reserve began its two-day policy meeting. Despite expectations of unchanged rates, concerns over inflation prompted investors to watch for signals indicating prolonged elevated interest rates.
The Dow Jones Industrial Average rose by 0.83%, marking its strongest performance since February 22, while the S&P 500 climbed to a new record high, closing at 5,178.51, a 0.56% increase. The Nasdaq Composite also advanced, albeit more modestly, by 0.39%.
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