Global Markets:
- Asian Stock Markets : Nikkei down 1.21%, Shanghai Composite down 0.34%, Hang Seng down 1.82%, ASX down 0.86%
- Commodities : Gold at $1944.55 (-0.11%), Silver at $22.72 (-0.07%), Brent Oil at $87.96 (-0.84%), WTI Oil at $82.41 (-0.94%)
- Rates : US 10-year yield at 4.171, UK 10-year yield at 4.575, Germany 10-year yield at 2.6255
News & Data:
- (USD) Core PPI m/m 0.3% vs 0.2% expected
- (USD) PPI m/m 0.3% vs 0.2% expected
- (USD) Prelim UoM Consumer Sentiment 71.2 vs 71.4 expected
Markets Update:
Asia-Pacific markets commenced the week on a downward trajectory, with Hong Kong’s Hang Seng index leading the decline, plunging nearly 2%. This drop was primarily driven by setbacks in basic materials and consumer cyclical stocks. The real estate sector also contributed to the downturn, with Country Garden Holdings, a prominent real estate firm, spearheading the losses on the Hang Seng Index.
Mainland Chinese stocks followed suit, with the CSI 300, a key benchmark for mainland stocks, experiencing a 0.74% loss on Monday. Meanwhile, Japan’s Nikkei 225 index slipped by 1.21%, closing at 32,059.91, while the Topix index dipped by 0.98%, settling at 2,280.89. Anticipation is building for Japan’s forthcoming release of second-quarter gross domestic product figures on Tuesday, along with July’s inflation data due on Friday.
In South Korea, the Kospi index saw a decline of 0.79%, finishing the day at 2,570.87, while the Kosdaq index fared worse with a 1.15% loss, closing at 901.68. These declines extended the losing streak for both indexes to three consecutive days.
Meanwhile, in Australia, the S&P/ASX 200 index recorded a 0.86% decrease, marking its second consecutive day of losses as it concluded the day at 7,277. Shifting to the U.S., the week concluded with mixed market performance. The Nasdaq Composite closed Friday down 0.6%, experiencing its second successive losing week in 2023 due to a selloff in semiconductor stocks. On the other hand, the S&P 500 saw a marginal 0.1% decrease, while the Dow Jones Industrial Average managed a 0.3% gain, driven by notable advances in Chevron and Merck & Co.
Upcoming Events:
- 11:50 PM GMT – JPY Prelim GDP Price Index y/y
- 11:50 PM GMT – JPY Prelim GDP q/q
