Global Markets:
- Asian Stock Markets : Nikkei down 0.09%, Shanghai Composite down 0.82%, Hang Seng down 0.71% ASX up 0.55%
- Commodities : Gold at $2394.5 (-0.17%), Silver at $29.21 (-0.64%), Brent Oil at $82.33 (-0.07%), WTI Oil at $78.29 (-0.21%)
- Rates : US 10-year yield at 4.245, UK 10-year yield at 4.165, Germany 10-year yield at 2.492
News & Data:
- (CNY) 1-y Loan Prime Rate -1.3% vs -0.5% expected
- (CNY) 5-y Loan Prime Rate -0.8% vs -0.5% expected
Markets Update:
Asia-Pacific markets experienced mixed trading on Tuesday, following Wall Street’s gains despite political uncertainties. Australia’s S&P/ASX 200 increased by 0.5%. Japan’s Nikkei 225 slightly declined by 0.09%, while the Topix index inched up by 0.08%. In South Korea, the Kospi rose by 0.46%, and the Kosdaq went up by 0.48%. The producer price index for June in South Korea increased by 2.5% year-on-year, compared to a 2.3% rise in May. Shares of Kakao, a popular messaging app, dropped 4.63% after reports of an arrest warrant issued for its founder, Brian Kim, over market manipulation allegations.
Taiwan’s Taiex surged by 2.4%, breaking a four-day losing streak, led by gains in real estate, industrials, and tech sectors, according to LSEG data. Hong Kong’s Hang Seng Index fell by 0.69%, while Mainland China’s CSI 300 decreased by 1%. India’s Nifty 50 and the BSE Sensex remained relatively unchanged in early trading. India is set to reveal its first budget under Prime Minister Narendra Modi’s third term. Barclays analysts expect the government to indicate policy consistency in the budget, highlighting continued fiscal consolidation with slight adjustments in spending.
Singapore’s consumer price index for June rose by 2.4% year-on-year, beating Reuters’ expectations of a 2.7% increase. This marked a slowdown from the 3.1% rise in May. Core inflation, which excludes accommodation and private transport costs, increased by 2.9% year-on-year, slightly below Reuters’ forecast of 3%.
In the U.S., the S&P 500 had its best day since June 5, as tech stocks rebounded following the index’s worst weekly loss since April. The S&P 500 climbed by 1.08% to close at 5,564.41. The Nasdaq Composite rose by 1.58% to finish at 18,007.57, and the Dow Jones Industrial Average increased by 127.91 points, or 0.32%, to close at 40,415.44.
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