Global Markets:
- Asian Stock Markets : Nikkei down 0.30%, Shanghai Composite down 0.48, Hang Seng down 2.47% ASX up 0.29%
- Commodities : Gold at $2044.05 (0.23%), Silver at $25.00 (0.26%), Brent Oil at $81.61 (0.16%), WTI Oil at $76.69 (0.36%)
- Rates : US 10-year yield at 4.267, UK 10-year yield at 4.205, Germany 10-year yield at 2.488
News & Data:
- (USD) Richmond Manufacturing Index -5 vs 1 expected
- (USD) CB consumer Confidence 102 vs 101 expected
Markets Update:
Asia-Pacific markets witnessed a mixed scenario as Hong Kong’s Hang Seng index plummeted by 2.47%, led by a 12% drop in shares of Chinese food delivery giant Meituan. Meanwhile, Australia’s S&P/ASX 200 continued its ascent, climbing 0.29% following a dip in the country’s October inflation rate to 4.8%, the lowest since January 2022.
South Korea’s Kospi experienced marginal declines while the smaller Kosdaq closed with a 0.73% increase. Japan’s Nikkei 225 faced three consecutive days of losses, ending down by 0.26%, alongside a 0.51% fall in the Topix.
In the U.S., conflicting statements from Federal Reserve officials drove market movements. Waller’s hint at a possible halt in rate hikes boosted the Dow Jones Industrial Average by 0.24%. Conversely, Governor Michelle Bowman’s remarks indicating the need for further rate increases to control inflation resulted in more muted gains, with the S&P 500 edging up by 0.1% and the Nasdaq Composite gaining 0.29%.
The Asia-Pacific region experienced market fluctuations influenced by divergent statements from U.S. Federal Reserve members. While Hong Kong suffered notable losses, Australia’s market remained resilient. These contrasting signals from Fed officials stirred mixed sentiments in the U.S. markets regarding the future direction of interest rates and their impact on inflation.
Upcoming Events:
- 1:30 PM GMT – CAD Current Account
- 1:30 PM GMT – USD Prelim GDP q/q
- 1:30 PM GMT – USD Prelim GDP Price Index q/q
- 3:05 PM GMT – GBP BOE Gov Bailey Speaks
- 3:30 PM GMT – USD Crude Oil Inventories
