Global Markets:
- Asian Stock Markets : Nikkei up 0.53%, Shanghai Composite up 1.22%, Hang Seng up 0.87% ASX down 0.36%
- Commodities : Gold at $2691.35 (0.14%), Silver at $32.4 (-0.18%), Brent Oil at $71.4 (-0.46%), WTI Oil at $67.7 (-0.49%)
- Rates : US 10-year yield at 4.193, UK 10-year yield at 4.2705, Germany 10-year yield at 2.1175
News & Data:
- (USD) Final Wholesale Inventories m/m 0.2% vs 0.2% expected
Markets Update:
China’s stock markets rose on Tuesday, with the CSI 300 index gaining 1.9% and Hong Kong’s Hang Seng index up 0.9%, driven by Beijing’s announcement of “more proactive” fiscal policies and “moderately” looser monetary measures for the upcoming year. These changes aim to stimulate domestic consumption and were revealed in an official statement on Monday evening, which had already propelled the Hang Seng nearly 3% higher.
Elsewhere in Asia, South Korea’s Kospi surged 2.2%, while the small-cap Kosdaq soared 5.3%, with investors monitoring political developments. Yonhap reported that opposition leader Lee Jae Myung committed to passing a scaled-down budget later in the day. Meanwhile, Japan’s Nikkei 225 and Topix rose 0.52% and 0.37%, respectively. However, Australia’s S&P/ASX 200 dipped 0.36% after the Reserve Bank of Australia maintained its benchmark rate at 4.35%.
In the U.S., Wall Street retreated on Monday ahead of critical inflation data. The S&P 500 fell 0.61% to 6,052.85, the Nasdaq lost 0.62% to 19,736.69, and the Dow Jones declined 0.54%, closing at 44,401.93. Technology stocks, including Nvidia and AMD, faced significant declines. Nvidia dropped 2.6% after facing an antitrust investigation in China, while AMD fell 5.6%. Tech giants Meta and Netflix also saw losses.
Upcoming Events:
- 01:30 PM GMT – USD Revised Nonfarm Productivity q/q
- 01:30 PM GMT – USD Revised Unit Labor Costs q/q
