Global Markets:
- Asian Stock Markets : Nikkei down 0.26%, Shanghai Composite down 0.14, Hang Seng down 0.28% ASX up 0.26%
- Commodities : Gold at $1974.05 (0.07%), Silver at $22.59 (0.04%), Brent Oil at $81.03 (0.27%), WTI Oil at $77.70 (0.08%)
- Rates : US 10-year yield at 4.611, UK 10-year yield at 4.323, Germany 10-year yield at 2.672
News & Data:
- (CAD) Trade Balance 2.0B vs 1.0B expected
- (USD) Trade Balance -61.5B vs -59.7B expected
Markets Update:
In Asia-Pacific markets on Wednesday, a trend of slight declines continued, as investors considered a positive business sentiment survey from Japan. South Korean stocks pulled back more than 2% from their recent rally, while U.S. markets wrapped up their lengthiest winning streaks in almost two years. The Reuters Tankan poll indicated an uptick in Japanese manufacturers’ business confidence, marking the first positive change since August. The service sector sentiment also improved for the second month, reflecting a challenging economic recovery.
In Japan, the Nikkei 225 index saw a modest 0.12% dip, and the broader Topix index fell by 0.95%. South Korea’s Kospi index dropped 0.53%, with the Kosdaq slipping 0.89%, as the country reinstated a short-selling ban, erasing a significant portion of Monday’s gains. Australia’s S&P/ASX 200 index managed to close 0.26% higher at 6,995.40. Hong Kong’s Hang Seng index inched down 0.11%, while China’s CSI 300 index slipped 0.16%.
On Wall Street, the S&P 500 and Nasdaq Composite extended their longest winning streaks in almost two years, with the S&P 500 closing 0.28% higher and the Nasdaq surging by 0.9%. The Dow Jones Industrial Average edged up 0.17% at the close. The S&P 500 recorded gains for seven consecutive days, the longest streak since November 2021, while the Nasdaq notched its longest winning streak since November 2021, lasting for eight days. The Dow’s seven consecutive sessions of gains represented its longest streak since July.
Upcoming Events:
- 1:30 PM GMT – CAD Building Permits m/m
- 2:15 PM GMT – USD Fed Chair Powell Speaks
- 3:00 PM GMT – USD Final Wholesale Inventories m/m
