Global Markets:
- Asian Stock Markets : Nikkei down 0.09%, Shanghai Composite down 0.87%, Hang Seng Closed, ASX down 0.06%
- Commodities : Gold at $1957.95 (-0.33%), Silver at $25.07 (-0.46%), Brent Oil at $78.97 (-1.15%), WTI Oil at $74.45 (-1.16%)
- Rates : US 10-year yield at 3.815, UK 10-year yield at 4.480, Germany 10-year yield at 2.468
News & Data:
- (CAD) Manufacturing Sales m/m 1.2% vs 0.8% expected
- (USD Import Prices m/m -0.2% vs -0.2% expected
- (USD) Prelim UoM Consumer Sentiment 72.6 vs 65.5 expected
Markets Update:
Asia-Pacific markets experienced a decline on Monday as investors grappled with significant economic data from China. Notably, the world’s second-largest economy revealed a lower-than-expected growth rate of 6.3% for the second quarter, disappointing economists. Meanwhile, Hong Kong markets were anticipated to remain closed throughout Monday due to Typhoon Talim.
In mainland China, the Shanghai Composite suffered a decline of 0.87%, leading the regional losses, while the Shenzhen Component also experienced a downturn of 0.9%. Australia’s S&P/ASX 200 closed slightly lower at 7,298.50, marking the end of a four-day winning streak. The country is set to release unemployment figures later in the week, which will offer insights into the rate decisions of the Reserve Bank of Australia. South Korea’s Kospi dipped by 0.35% to reach 2,619, also breaking its four-day winning streak. On the contrary, the Kosdaq defied the regional trend by rising 0.22% to conclude at 898.29. Japan’s markets remained closed in observance of Marine Day.
Moving to Southeast Asia, Singapore witnessed a significant drop of 15.5% in non-oil domestic exports in June compared to the previous year. Meanwhile, Indonesia experienced a surge in its trade balance for June, surpassing expectations. In the United States, Friday’s market performance was mixed. The Dow Jones Industrial Average reached its highest level since March, buoyed by strong earnings results from major banks and companies, while the S&P 500 experienced a decline of 0.10%, and the Nasdaq Composite saw a dip of 0.18%. However, both indexes reached their highest intraday levels since April 2022.
In the commodity market, various key commodities experienced slight declines in their prices. Gold was valued at $1957.95, showing a decrease of 0.33%. Similarly, silver saw a decline of 0.46%, reaching $25.07. In the oil sector, Brent Oil recorded a decrease of 1.15% and was priced at $78.97, while WTI Oil experienced a similar decline of 1.16% and settled at $74.45.
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