Global Markets:
- Asian Stock Markets : Nikkei up 0.86%, Shanghai Composite down 0.18%, Hang Seng down 1.22% ASX up 0.45%
- Commodities : Gold at $2312.5 (0.56%), Silver at $27.17 (0.32%), Brent Oil at $89.33 (0.18%), WTI Oil at $85.25 (0.08%)
- Rates : US 10-year yield at 4.36, UK 10-year yield at 4.07, Germany 10-year yield at 2.374
News & Data:
- (USD) ISM Services PMI 51.4 vs 52.8 expected
Markets Update:
Asian-Pacific markets rebounded today following a sell-off, as investors analyzed comments by U.S. Federal Reserve Chairman Jerome Powell on inflation and interest rates. Powell suggested it would take time for policymakers to assess inflation, leaving rate adjustments uncertain. In Asia, investors focused on service sector data from India and retail sales in Hong Kong. Markets in Hong Kong, mainland China, and Taiwan were closed for a public holiday.
South Korea’s Kospi surged 1.29%, led by expectations of strong profit growth for Samsung Electronics. Japan’s Nikkei 225 gained 0.81%, briefly surpassing 40,000 before settling lower. Australia’s S&P/ASX 200 rose by 0.45%, reversing losses from the previous two days. The broader Topix index in Japan also recorded gains.
In the U.S., the Dow Jones fell by 0.11%, marking its third consecutive negative day, while the S&P 500 edged up by 0.11% in its first winning session of the week. The Nasdaq Composite traded higher by 0.23%. Overall, market sentiment in Asia-Pacific was influenced by Powell’s remarks, with investors balancing inflation concerns against positive corporate earnings expectations.
Upcoming Events:
- 12:30 PM GMT – CAD Trade Balance
- 12:30 PM GMT – USD Unemployment Claims
- 12:30 PM GMT – USD Trade Balance
- 12:30 PM GMT – USD Natural Gas Storage
