Global Markets:
- Asian Stock Markets : Nikkei down 1.31%, Shanghai Composite down 0.27%, Hang Seng down 1.08% ASX up 0.39%
- Commodities : Gold at $2161.5 (0.14%), Silver at $24.27 (-0.9%), Brent Oil at $83.05 (0.06%), WTI Oil at $79.17 (0.96%)
- Rates : US 10-year yield at 4.115, UK 10-year yield at 4.033, Germany 10-year yield at 2.326
News & Data:
- (USD) ADP Non farm employment change 140K vs 149K expected
- (CAD) Overnight rate 5.00% vs 5.00% expected
Markets Update:
Japanese stock indexes retreated from record highs on Thursday, with the Nikkei 225 hitting a peak before sliding 1.2%, and the Topix losing 0.24%. Meanwhile, the Taiwan weighted index surged over 1%, and Australia’s S&P/ASX 200 rose by 0.39%, both reaching new highs. The pullback followed better-than-expected trade data from China, which saw the CSI 300 index decline by 0.5%, while the Hang Seng index dipped 0.46%. China’s dollar-denominated exports for the first two months of the year rose by 7.1% year on year, exceeding expectations.
In response to comments from U.S. Federal Reserve Chair Jerome Powell, Asian stocks rose, as he reiterated a willingness to consider rate cuts without immediate action. Hong Kong-listed JD.com saw a remarkable 8% surge after reporting strong fourth-quarter earnings and unveiling a $3 billion share buyback plan. South Korea’s Kospi extended gains by 0.29%, while the Kosdaq dropped 0.8%.
In the U.S., all three major indexes rebounded after two days of decline, though Apple, Alphabet, and Disney did not join the rally. The S&P 500 added 0.51%, the Nasdaq Composite gained 0.58%, and the Dow Jones Industrial Average traded higher by 0.2%, weighed down by a more than 2% drop in Disney’s shares.
Upcoming Events:
- 1:15 PM GMT – EUR Main Refinancing Rate
- 1:30 PM GMT – USD Unemployment Claims
- 1:45 PM GMT – EUR ECB Press Conference
- 3:00 PM GMT – USD Fed Chair Powell Testifies
