Global Markets:
- Asian Stock Markets : Nikkei down 1.77%, Shanghai Composite up 0.22%, Hang Seng up 0.04% ASX up 0.37%
- Commodities : Gold at $2046.5 (-0.02%), Silver at $24.13 (0.34%), Brent Oil at $75.606 (2.12%), WTI Oil at $70.73 (2.03%)
- Rates : US 10-year yield at 4.154, UK 10-year yield at 4.0091, Germany 10-year yield at 2.195
News & Data:
- (CAD) Building Permits m/m 2.3% vs 1.1% expected
- (USD) Unemployment Claims 220K vs 221K expected
Markets Update:
Asia-Pacific markets displayed a varied performance due to Japan’s unexpected revision of its third-quarter GDP, which saw a sharper decline at 0.7% compared to the initially estimated 0.5% fall. Economists, anticipating stability at 0.5%, were taken by surprise by this adjustment. Meanwhile, India’s Reserve Bank chose to maintain its repo rate at 6.5%, aligning with the predictions of 64 economists.
In Australia, the S&P/ASX 200 rebounded from earlier losses, closing 0.3% higher. However, Japan’s Nikkei 225 tumbled by 1.77%, with the Topix following suit, dropping by 1.73% post the GDP revision. South Korea’s Kospi and the smaller Kosdaq saw positive movements, climbing by 1.02% and 1.91%, respectively.
Hong Kong’s Hang Seng index showed a slight rebound with a 0.04% increase, while mainland China’s CSI 300 gained 0.48%. Across the Pacific, US markets experienced gains as the Dow Jones Industrial Average and S&P 500 snapped their three-day losing streaks ahead of the pivotal jobs report.
The S&P 500 surged by 0.8%, accompanied by a 0.17% rise in the Dow, while the Nasdaq Composite outperformed, advancing by 1.37% thanks to robust tech stock performance. Notably, Google-parent Alphabet witnessed over 5% growth after introducing its Gemini artificial intelligence model. Additionally, Nvidia and AMD showed strong performance, gaining over 2% and 9%, respectively.
Upcoming Events:
- 1:30 PM GMT – USD Average Hourly Earnings m/m
- 1:30 PM GMT – USD Non-Farm Employment Change
- 1:30 PM GMT – USD Unemployment Rate
- 3:00 PM GMT – USD Prelim UoM Consumer Sentiment
