Global Markets:
- Asian Stock Markets : Nikkei up 0.24%, Shanghai Composite down 0.61, Hang Seng down 0.23% ASX down 0.07%
- Commodities : Gold at $2002.05 (-0.13%), Silver at $23.83 (-0.14%), Brent Oil at $82.48 (-0.33%), WTI Oil at $75.53 (-0.30%)
- Rates : US 10-year yield at 4.425, UK 10-year yield at 4.136, Germany 10-year yield at 2.573
News & Data:
- (CAD) CPI m/m 0.1% vs 0.1% expected
- (CAD) Median CPI y/y 3.6% vs 3.6% expected
- (CAD) Trimmed CPI y/y 3.5% vs 3.6% expected
- (CAD) Common CPI y/y 4.2% vs 4.3%% expected
Markets Update:
Asia-Pacific markets displayed a mixed response following the U.S. Federal Reserve’s October meeting, where officials leaned towards maintaining a restrictive monetary policy rather than considering rate cuts. The Fed emphasized the importance of a restrictive policy to align inflation with the Committee’s 2 percent objective. Presently, the federal funds rate stands at 5.25%-5.5%.
Japan’s Nikkei 225 and the Topix were the only major Asia markets to show positivity, with gains of 0.28% and 0.38%, respectively. Conversely, South Korea’s Kospi slipped by 0.2%, while the Kosdaq declined by 0.53%. Hong Kong’s Hang Seng index opened 0.07% lower, and China’s CSI 300 index dropped by 0.52%.
In Australia, the S&P/ASX 200 initially saw gains but eventually slid marginally, closing at 7,073.4 after reversing its earlier upward momentum.
In the U.S., all three major indexes experienced losses post the Fed’s announcement. The S&P 500 and Nasdaq Composite ended a streak of five consecutive winning days. The Dow Jones Industrial Average slipped by 0.18%, the S&P experienced a 0.2% dip, and the tech-heavy Nasdaq fell by 0.59%. This decline followed the Nasdaq leading a tech-driven rally on Wall Street the previous day.
Upcoming Events:
- 1:30 PM GMT – USD Unemployment Claims
- 1:30 PM GMT – USD Core Durable Goods Orders m/m
- 1:30 PM GMT – USD Durable Goods Orders m/m
- 3:00 PM GMT – EUR Consumer Confidence
- 3:00 PM GMT – USD Revised UoM Consumer Sentiment
- 3:00 PM GMT – USD Revised UoM Inflation Expectations
- 3:30 PM GMT – USD Crude Oil Inventories
