Global Markets:
- Asian Stock Markets : Nikkei up 1.72%, Shanghai Composite up 0.91, Hang Seng up 2.01% ASX up 0.04%
- Commodities : Gold at $1894.45 (0.38%), Silver at $22.38 (1.15%), Brent Oil at $85.28 (-0.38%), WTI Oil at $83.35 (-0.44%)
- Rates : US 10-year yield at 4.531, UK 10-year yield at 4.373, Germany 10-year yield at 2.692
News & Data:
- (CAD) Building Permits m/m -0.1% vs -0.1% expected
- (USD) Core PPI m/m -0.1% vs -0.1% expected
- (USD) PPI m/m -0.1% vs -0.1% expected
Markets Update:
Stock markets in the Asia-Pacific region experienced significant gains, with Hong Kong leading the way by surging over 2%. This surge was driven by investor anticipation of key U.S. consumer inflation data, which holds significance in influencing the Federal Reserve’s upcoming rate decision during its policy meeting beginning on October 31.
Hong Kong’s Hang Seng index outperformed, posting an impressive gain of 2.07%, while China’s CSI 300, its benchmark index, also exhibited positive momentum, rising by 0.83%.
In other regional markets, Australia’s S&P/ASX 200 recorded a modest increase of 0.04%, closing at 7103.1 points. Japan’s Nikkei 225 experienced substantial growth, surging by 1.72%, with shares of Fast Retailing, the owner of Uniqlo, up 0.48% in anticipation of its full-year earnings report due later in the day.
South Korea’s Kospi index also rose by nearly 1%, maintaining its position near two-week highs. Meanwhile, in the U.S., the previous day saw all three major stock market indexes closing in the green, with the Dow Jones Industrial Average rising by 0.19%, the S&P 500 gaining 0.43%, and the Nasdaq Composite adding 0.71%.
Economists, in a survey conducted by Dow Jones, anticipate a 0.3% month-over-month increase in the upcoming U.S. inflation data, coupled with a 3.6% rise from the previous year. These market movements and inflation data are closely watched by investors and analysts as they shape the economic landscape and influence investment decisions.
Upcoming Events:
- 12:30 PM GMT – USD Core CPI m/m
- 12:30 PM GMT – USD CPI m/m
- 12:30 PM GMT – USD CPI y/y
- 12:30 PM GMT – USD Unemployment Claims
