Global Markets:
- Asian Stock Markets : Nikkei up 0.27%, Shanghai Composite down 0.74%, Hang Seng down 2.05%, ASX down 0.06%
- Commodities : Gold at $1961.25 (-0.23%), Silver at $24.06 (-1.07%), Brent Oil at $88.75 (-0.312%), WTI Oil at $85.77 (-0.29%)
- Rates : US 10-year yield at 4.223, UK 10-year yield at 4.503, Germany 10-year yield at 2.584
News & Data:
- (GBP) BRC Retail sales monitor y/y 4.3% vs 2.2% expected
- (JPY) Household spending y/y -5.0% vs -2.4% expected
Markets Update:
Australia’s central bank, the Reserve Bank of Australia, has chosen to maintain its benchmark policy rate at 4.1% for the third consecutive month. This decision was widely anticipated by economists polled by Reuters. As a result, Australia’s S&P/ASX 200 index experienced a decline of 0.33% following the announcement.
Inflation data played a significant role in market dynamics. South Korea reported a higher-than-expected inflation rate of 3.4% for August, with investors eagerly awaiting inflation data releases from Thailand and the Philippines later in the day. Moreover, the market’s attention was focused on Purchasing Managers Index (PMI) readings from economic giants like China, India, and Hong Kong.
Across the region, various stock indices reacted differently. South Korea’s Kospi index slid by 0.2%, while the Kosdaq saw a more substantial loss of 0.37%. The Hong Kong Hang Seng index led the losses in the Asia-Pacific region with a notable drop of 2.05%. Additionally, mainland Chinese markets were in negative territory, with the CSI 300 index down by 0.24%.
In the United States, markets were closed on Monday in observance of the Labor Day holiday. However, futures for the three major U.S. indexes showed minimal changes, with Dow Jones Industrial Average and S&P 500 futures slightly below the flatline, while Nasdaq Composite futures hovered slightly above it.
Upcoming Events:
- 9:00 AM GMT – USD PPI m/m
- 2:00 PM GMT – USD Factory Orders m/m
