Global Markets:
- Asian Stock Markets : Nikkei down 1.4%, Shanghai Composite up 0.20%, Hang Seng up 0.61% ASX down 0.06%
- Commodities : Gold at $3404.35 (0.19%), Silver at $37.18 (0.5%), Brent Oil at $69.19 (-0.19%), WTI Oil at $67.28 (-0.13%)
- Rates : US 10-year yield at 4.252, UK 10-year yield at 4.524, Germany 10-year yield at 2.6770
News & Data:
- (USD) Factory Orders m/m -4.8% to -4.9% expected
Markets Update:
Asian stock markets traded mostly higher on Tuesday, buoyed by optimism that weak U.S. jobs data could prompt an interest rate cut by the Federal Reserve next month. Bargain-hunting also lifted sentiment after recent declines. According to CME Group’s FedWatch Tool, the odds of a rate cut in September jumped to 91.9% from 63.1% a week ago.
Australia’s ASX 200 rose over 1%, led by mining, tech, and energy stocks. Major miners like BHP and Rio Tinto saw modest gains, while tech names like Zip surged over 6%. Credit Corp soared over 20% on strong earnings, while Electro Optic Systems jumped 33% after winning a major European contract.
Japan’s Nikkei rebounded, rising over 250 points, with gains in exporters, banks, and utilities. Notable movers included NTN (+16%) and Tokyo Electric Power (+8%). Meanwhile, SoftBank declined nearly 3%. Other Asian markets including China, South Korea, and Singapore posted modest gains. On Wall Street, stocks rallied sharply on Monday, with the Nasdaq up 2%, the S&P 500 up 1.5%, and the Dow gaining 1.3%, reversing recent losses.
European markets also advanced, and oil prices dipped due to oversupply worries. West Texas Intermediate crude fell to $66.27 a barrel.In currencies, the Aussie traded at $0.646, while the yen hovered near 147 per U.S. dollar.
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