Global Markets:
- Asian Stock Markets : Nikkei down 0.40%, Shanghai Composite down 0.61%, Hang Seng down 2.23% ASX down 0.15%
- Commodities : Gold at $2419.5 (-0.73%), Silver at $31.78 (-2.21%), Brent Oil at $83.17 (-0.58%), WTI Oil at $78.82 (-0.68%)
- Rates : US 10-year yield at 4.442, UK 10-year yield at 4.21, Germany 10-year yield at 2.52
News & Data:
- (JPY) Tertiary Industry Activity m/m -2.4% vs 0.1% expected
Markets Update:
Tuesday witnessed Asia-Pacific markets diverging from Wall Street’s tech-fueled surge to record highs, notably the Nasdaq. Nvidia’s shares rose over 2% following bullish analyst calls, projecting significant market gains ahead of its earnings report. Wall Street firms revised Nvidia’s price targets upward by as much as 30%, signaling confidence in its market dominance. Investors monitored potential impacts on companies within Nvidia’s supply chain, including TSMC, Foxconn, Samsung Electronics, and SK Hynix.
Across Asia, stock indices fluctuated: South Korea’s Kospi dropped 0.34%, while Japan’s Nikkei 225 and Topix indices reversed earlier gains, each down by 0.4% and 0.11%, respectively. Australia’s S&P/ASX 200 slipped 0.15% amid deliberations over potential rate hikes by the Reserve Bank of Australia due to inflation risks. Meanwhile, Hong Kong’s Hang Seng index fell 2.23%, and China’s CSI300 dropped 0.24%.
In the U.S., the Dow Jones lagged, chiefly due to a 4.5% slump in JPMorgan Chase shares following CEO Jamie Dimon’s indication of a potential earlier retirement and the bank’s decision to refrain from share buybacks at current levels. However, the tech-centric Nasdaq closed at a record high, up 0.65%, while the Dow fell 0.49% and the S&P 500 edged up 0.09%.
Upcoming Events:
- 12:30 PM GMT – CAD CPI m/m
- 12:30 PM GMT – CAD Median CPI y/y
- 12:30 PM GMT – CAD Trimmed CPI y/y
- 12:30 PM GMT – CAD Common CPI y/y
- 12:30 PM GMT – CAD Core CPI m/m
