Global Markets:
- Asian Stock Markets : Nikkei up 0.81%, Shanghai Composite down 1.82%, Hang Seng down 1.7% ASX up 0.87%
- Commodities : Gold at $2689.35 (0.54%), Silver at $30.9 (0.48%), Brent Oil at $74.24 (0.16%), WTI Oil at $70.9 (0.09%)
- Rates : US 10-year yield at 4.410, UK 10-year yield at 4.439, Germany 10-year yield at 2.3115
News & Data:
- (USD) Unemployment Claims 213K vs 220K expected
- (USD) Existing Home Sales 3.96M vs 3.95M expected
Markets Update:
Asia-Pacific markets mostly advanced on Friday, following Wall Street’s rally where the S&P 500 posted gains for the fourth consecutive day. However, Hong Kong’s Hang Seng Index dropped 1.3% in a volatile session, while mainland China’s CSI 300 fell over 1%. Analysts suggest that investors are cautious, awaiting updates on U.S.-China tariffs and potential stimulus measures from Beijing, which are unlikely before March’s parliamentary meeting, according to Eugene Hsiao of Macquarie Capital.
Japan’s consumer price index (CPI) for October showed core inflation, excluding fresh food, rose 2.3% year-on-year, slightly above the 2.2% forecast but cooler than September’s 2.4%. The overall CPI also eased to 2.3% from 2.5% the previous month. Japan’s Nikkei 225 rose 0.86%, and the Topix climbed 0.68%. Australia’s S&P/ASX 200 recovered 0.96%, snapping a two-day losing streak. South Korea’s Kospi added 1.08%, while the smaller Kosdaq index edged up 0.2%.
Singapore’s economy grew 5.4% year-on-year in the third quarter, up from a revised 3.0% in Q2. Quarter-on-quarter growth accelerated to 3.2% from 0.5%. The government raised its 2024 GDP growth forecast to 3.5%.
Overnight, U.S. markets ended higher. The Dow Jones climbed 462 points (1.06%) to 43,270.35, the S&P 500 gained 0.53% to 5,948.71, and the Nasdaq Composite edged up 0.03% to 18,972.42. Crude oil prices rose over 2%, fueled by geopolitical tensions after Russia’s missile escalation in Ukraine.
Upcoming Events:
- 01:30 PM GMT – CAD Core Retail Sales m/m
- 01:30 PM GMT – CAD Retail Sales m/m
- 02:45 PM GMT – USD Flash Manufacturing PMI
- 02:45 PM GMT – USD Flash Services PMI
