Global Markets:
- Asian Stock Markets : Nikkei down 0.81%, Shanghai Composite up 0.79%, Hang Seng up 1.63% ASX up 0.14%
- Commodities : Gold at $2766.35 (0.24%), Silver at $35.20 (0.04%), Brent Oil at $75.64 (-0.16%), WTI Oil at $71.69 (-0.172%)
- Rates : US 10-year yield at 4.241, UK 10-year yield at 4.168, Germany 10-year yield at 2.317
News & Data:
- (CAD) IPPI m/m -0.6% vs -0.4% expected
- (CAD) RMPI m/m -3.1% vs -1.7% expected
Markets Update:
Asia-Pacific markets mostly rose on Tuesday, diverging from major Wall Street benchmarks. A significant factor boosting investor optimism was the stellar market debut of Japanese subway operator Tokyo Metro. The company’s shares surged up to 47%, and were last seen trading nearly 45% higher.
Tokyo Metro, one of Japan’s leading subway operators and the largest in Tokyo, raised 348.6 billion yen in its initial public offering (IPO), marking Japan’s largest IPO since 2018. The offering was 15 times oversubscribed, with shares priced at 1,200 yen each, the top end of the pricing band.
Upcoming economic data from Asia includes September inflation figures from Singapore, which are expected to show a 1.9% increase, the slowest rise since March 2021, according to a Reuters poll. Singapore’s core consumer price index, excluding private transport and accommodation, grew by 2.8% year-on-year, slightly higher than the predicted 2.7%. Overall inflation rose by 2%, just above the expected 1.9%.
In Japan, the Nikkei 225 dipped 0.8% on Wednesday, while the Topix index fell 0.42%. South Korea’s Kospi rose 1.18%, with the Kosdaq gaining 0.45%. Australia’s S&P/ASX 200 traded near flat, while Hong Kong’s Hang Seng jumped 1.67%, and China’s CSI 300 edged up 0.57%.
In the U.S., the S&P 500 and Dow Jones Industrial Average closed Tuesday with slight losses, marking their second consecutive day of decline. The Nasdaq Composite, however, gained 0.18%.
Upcoming Events:
- 01:45 PM GMT – CAD Overnight Rate
- 02:00 PM GMT – EUR ECB Lagarde Speaks
- 02:00 PM GMT – USD Existing Home sales
- 02:30 PM GMT – USD Crude oil Inventories
