Global Markets:
- Asian Stock Markets : Nikkei up 0.43%, Shanghai Composite up 0.23%, Hang Seng up 0.29% ASX up 0.74%
- Commodities : Gold at $2043.45 (-0.23%), Silver at $24.89 (-0.26%), Brent Oil at $83.61 (0.56%), WTI Oil at $78.69 (0.63%)
- Rates : US 10-year yield at 4.278, UK 10-year yield at 4.126, Germany 10-year yield at 2.416
News & Data:
- (USD) Prelim GDP q/q 5.2% vs 5.0% expected
- (USD) Crude Oil Inventories 1.6M vs -0.1M expected
Markets Update:
Stock markets in South Korea surged after the country’s central bank maintained its lending rates unchanged for the seventh consecutive time. Conversely, China and Hong Kong experienced market declines due to a further contraction in China’s manufacturing activity. South Korea’s central bank opted to hold its benchmark policy rate at 3.5%, projecting a slowdown in inflation despite its persistent elevation.
The Asia-Pacific region saw mixed market trends as investors assessed economic indicators. China faced a consecutive decline in factory activity for November, while non-manufacturing activity hit a yearly low. South Korea surprised markets with a 3.5% drop in industrial output, contrary to economist predictions of a 0.5% rise. Additionally, the country awaited its central bank’s rate decision on the same day. Japan’s Nikkei 225 rebounded by 0.43%, and the Topix saw a 0.30% increase. South Korea’s Kospi grew by 0.12%, while the smaller-cap Kosdaq rose by 0.52% post the monetary policy announcement.
Australia’s S&P/ASX 200 surged by 0.74%, closing at 7,087.3, marking three consecutive days of gains. In the U.S., major indexes remained stable despite the economy’s better-than-expected growth. The third-quarter GDP accelerated at an annualized pace of 5.2%, surpassing forecasts and initial estimates. The Dow rose by 0.04%, the S&P 500 declined by 0.09%, and the Nasdaq Composite slipped by 0.16% in Wednesday’s trading session.
Upcoming Events:
- 1:30 PM GMT – CAD GDP m/m
- 1:30 PM GMT – USD Core PCE Price Index m/m
- 1:30 PM GMT – USD Unemployment Claims
- 2:45 PM GMT – USD Chicago PMI
- 3:00 PM GMT – USD Pending Home Sales m/m
- 3:30 PM GMT – USD Natural Gas Storage
