Global Markets:
- Asian Stock Markets : Nikkei up 0.72%, Shanghai Composite down 1.25%, Hang Seng down 1.62% ASX up 0.51%
- Commodities : Gold at $2172.5 (0.06%), Silver at $24.47 (-0.32%), Brent Oil at $84.03 (-1.02%), WTI Oil at $80.75 (-1.04%)
- Rates : US 10-year yield at 4.23, UK 10-year yield at 4.001, Germany 10-year yield at 2.326
News & Data:
- (USD) Core Durable Goods Orders m/m 0.5% vs 0.4% expected
- (USD) Durable Goods Orders m/m 1.4% vs 1.2% expected
Markets Update:
Wednesday witnessed a mixed performance in Asia-Pacific markets as investors scrutinized economic data from China and Australia. The Japanese yen slid to 151.97 against the US dollar, marking its weakest level in 34 years. Japan’s Nikkei 225 surged by 0.7% to 40,762.73, while China’s CSI 300 fell by 1.16% to 3,502.79, hitting a month-low. Hong Kong’s Hang Seng index also dropped by 1.62%.
China’s combined industrial profit for January and February rose by 10.2% year on year, contrasting with a 2.3% decline in industrial profits for the entire year of 2023. However, data from Australia revealed a 3.4% year-over-year increase in consumer price inflation for February. The S&P/ASX 200 index in Australia rose by 0.51% to 7,819.60, extending its gains from the previous day.
South Korea’s Kospi index experienced a slight dip of 0.07% to settle at 2,755.11 after reaching a two-year high the day before. Conversely, the small-cap Kosdaq index ended 0.53% lower at 911.25. In the United States, all three major indexes continued their downward trend, with the S&P 500 marking its third consecutive day of losses, dropping by 0.28%.
The Dow Jones Industrial Average experienced a marginal decline, while the Nasdaq Composite recorded a larger loss of 0.42%. Despite these recent setbacks, the major US indexes are on track to achieve their fifth consecutive month of gains, with the S&P posting a gain of over 2% for the month of March.
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