Global Markets:
Asian Stock Markets : Nikkei up 0.11%, Shanghai Composite down 0.09%, Hang Seng up 0.07%, ASX down 0.04%
Commodities : Gold at $2009.65 (+0.12%), Silver at $25.31 (-0.26%), Brent Oil at $81.81 (-1.58%), WTI Oil at $77.89 (-1.70%)
Rates : US 10-year yield at 3.562, UK 10-year yield at 3.869, Germany 10-year yield at 2.479
News & Data:
- (JPY) Tertiary Industry Activity m/m 0.70% vs 0.40% expected
- (AUD) NAB Quarterly Business Confidence -4 vs -1 previous
- (JPY) Trade Balance -1.21T vs -1.70T expected
- (NZD) CPI q/q 1.20% vs 1.50% expected
- (USD) Crude Oil Inventories -4.6M vs -0.4M expected
- (CAD) RMPI m/m -1.70% vs -0.70% expected
- (CAD) IPPI m/m 0.10% vs -0.40% expected
- (CAD) Housing Starts 214K vs 236K expected
- (EUR) German 10-y Bond Auction 2.51|1.9 vs 2.32|1.4 previous
- (EUR) Final Core CPI y/y 5.70% vs 5.70% expected
- (EUR) Final CPI y/y 6.90% vs 6.90% expected
- (GBP) HPI y/y 5.50% vs 5.00% expected
- (EUR) Current Account 24.3B vs 10.3B expected
- (GBP) RPI y/y 13.50% vs 13.30% expected
- (GBP) PPI Output m/m 0.10% vs -0.20% expected
- (GBP) PPI Input m/m 0.20% vs -0.30% expected
- (GBP) Core CPI y/y 6.20% vs 6.00% expected
- (GBP) CPI y/y 10.10% vs 9.80% expected
- (JPY) Revised Industrial Production m/m 4.60% vs 4.50% expected
- (AUD) MI Leading Index m/m 0.00% vs -0.10% previous
Markets Update:
Asian markets were buoyed by strong performances from technology stocks on Thursday, as investors took heart from better-than-expected earnings reports from several major players in the sector. The Nikkei 225 in Tokyo led the charge, rising 1.5%, while the Hang Seng in Hong Kong and the Shanghai Composite both gained around 1%.
The rally was fueled in part by a weakening US dollar, which fell to a two-week low against a basket of major currencies. This helped lift commodities such as crude oil and gold, which both rose more than 1% on the day.
Despite ongoing concerns about rising inflation and the threat of higher interest rates, investors appear to be betting that the technology sector will continue to deliver strong growth in the coming months. This optimism was reflected in the performance of leading tech firms such as Samsung, which saw its stock rise more than 3%, and Tencent, which gained 2%.
Overall, the outlook for Asian markets remains positive, with many analysts predicting that the region will continue to outperform other global markets in the months ahead. However, as always, investors should remain cautious and keep a close eye on developments both at home and abroad.
Upcoming Events:
- 02:00 am GMT – (AUD) RBA Gov Lowe Speaks
- 12:30 pm GMT – (USD) Unemployment Claims
- 12:30 pm GMT – (USD) Philly Fed Manufacturing Index
- 02:00 pm GMT – (USD) Existing Home Sales
- Tentative – (USD) Treasury Sec Yellen Speaks
- 03:30 pm GMT – (CAD) BOC Gov Macklem Speaks
- 04:00 pm GMT – (USD) FOMC Member Waller Speaks
- 11:45 pm GMT – (USD) FOMC Member Harker Speaks
