Global Markets:
- Asian Stock Markets : Nikkei up 1.67%, Shanghai Composite up 0.48%, Hang Seng up 0.11% ASX down 0.69%
- Commodities : Gold at $2654.35 (0.34%), Silver at $31.40 (0.14%), Brent Oil at $74.48 (0.79%), WTI Oil at $71.6 (0.98%)
- Rates : US 10-year yield at 3.754, UK 10-year yield at 3.904, Germany 10-year yield at 2.221
News & Data:
- (USD) Core Retail Sales m/m 0.4% vs 0.2% expected
- (USD) Retail Sales m/m 0.9% vs 0.5% expected
Markets Update:
Asia-Pacific markets were mostly higher on Monday as investors reacted to monetary policy updates from Japan, China, and the U.S. Federal Reserve’s recent rate cut.China’s economic challenges continue, with data showing youth unemployment at its highest this year for the second consecutive month. Despite pressure for lower rates, the People’s Bank of China held its key benchmark rate steady, but injected 234.6 billion yuan ($33.29 billion) into the banking system to ensure sufficient liquidity. Additionally, it lowered the 14-day reverse repo rate to 1.85%.
Meanwhile, the U.S. is considering banning imports of Chinese cars equipped with advanced communication and autonomous driving systems.The Bank of Japan also maintained its interest rate at 0.25%, and Japanese markets were closed for a public holiday. Futures tied to the Nikkei 225 were trading higher in Chicago.Other key developments included the Reserve Bank of Australia beginning a two-day meeting to decide on monetary policy, and Singapore’s inflation data being released, with core CPI expected to rise 2.6%.
In market performances, Australia’s S&P/ASX 200 dropped 0.69%, while South Korea’s Kospi rose 0.10%, and the Kosdaq advanced 0.86%. Hong Kong’s Hang Seng edged 0.11% higher, and mainland China’s CSI 300 climbed 0.45%. Taiwan’s Weighted Index closed up 0.57%.
In the U.S., all three major indexes posted weekly gains, with the S&P 500 rising 1.36%, the Dow Jones adding 1.62%, and the Nasdaq Composite increasing 1.49%.
Upcoming Events:
- 1:45 PM GMT – USD Flash Manufacturing PMI
- 1:45 PM GMT – USD Flash Services PMI
