Global Markets:
- Asian Stock Markets : Nikkei up 0.42%, Shanghai Composite up 0.11%, Hang Seng down 1.14% ASX up 0.15%
- Commodities : Gold at $2672.35 (-0.14%), Silver at $31.9 (-0.18%), Brent Oil at $72.4 (0.06%), WTI Oil at $68.27 (0.09%)
- Rates : US 10-year yield at 4.196, UK 10-year yield at 4.247, Germany 10-year yield at 2.0515
News & Data:
- (USD) ADP Non – Farm Employment Change 146K vs 152K expected
- (USD) ISM Services PMI 52.1 vs 55.7 expected
Markets Update:
Asia-Pacific markets traded mixed on Thursday as Wall Street benchmarks hit record highs despite ongoing global political turmoil. Investors monitored developments in South Korea, where lawmakers filed an impeachment motion against President Yoon Suk Yeol after his declaration of martial law. Han Dong-hoon, leader of Yoon’s ruling People Power Party, announced plans to oppose the motion. Meanwhile, opposition party representatives indicated a vote would occur on Saturday evening, local time. Yoon’s office defended the martial law declaration as constitutional.
South Korea’s revised third-quarter GDP data showed the economy grew 0.1% quarter-on-quarter and 1.5% annually, aligning with prior estimates. However, its markets struggled, with the Kospi falling 0.44% and the Kosdaq dipping 0.14%. Across Asia, Australia’s S&P/ASX 200 gained 0.1%, Japan’s Nikkei 225 rose 0.31%, and Hong Kong’s Hang Seng index futures dropped over 1%, while China’s CSI 300 slipped 0.13%.
Bitcoin surged, crossing the $100,000 milestone to hit $103,844, reflecting strong investor interest amidst the political instability.
In the U.S., major indexes set new records. The Dow Jones Industrial Average rose 308.51 points (0.69%) to 45,014.04, surpassing the 45,000 mark. The S&P 500 climbed 0.61% to 6,086.49, and the Nasdaq Composite surged 1.3% to close at 19,735.12, driven by tech stocks. Fed Chair Jerome Powell’s remarks on the robust U.S. economy encouraged optimism, with markets anticipating Friday’s unemployment report and a possible Fed rate cut in two weeks.
Upcoming Events:
- 01:30 PM GMT – CAD Trade Balance
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- 01:30 PM GMT – USD Unemployment Claims
