Global Markets:
- Asian Stock Markets : Nikkei up 0.44%, Shanghai Composite down 0.25%, Hang Seng up 1.33% ASX down 0.66%
- Commodities : Gold at $2925.35 (0.53%), Silver at $33.95 (0.28%), Brent Oil at $75.4 (0.2%), WTI Oil at $71.7 (1.03%)
- Rates : US 10-year yield at 4.517, UK 10-year yield at 4.5275, Germany 10-year yield at 2.483
News & Data:
- (CAD) Housing Starts 240K to 251K expected
Markets Update:
Asia-Pacific markets mostly rose on Tuesday after Chinese President Xi Jinping expressed support for the private sector, encouraging businesses to showcase their strengths. Australia’s S&P/ASX 200 fell 0.58% following the Reserve Bank of Australia’s decision to cut interest rates by 25 basis points to 4.1%, the first cut in over four years. The Australian dollar strengthened 0.17% to 0.6342, while 10-year government bond yields dropped nearly 20 basis points since January 13 to 4.45%.
Japan’s Nikkei 225 climbed 0.66%, while the broader Topix index rose 0.61%. South Korea’s Kospi gained 0.59%, and the small-cap Kosdaq edged up 0.15%. China’s CSI 300 reversed losses to rise 0.4%, and Hong Kong’s Hang Seng index surged 2.05%, with the Hang Seng tech index jumping 3.04%. The gains followed Xi’s rare closed-door meeting, which reassured investors after the index’s over 2% drop on Monday.
India’s markets opened lower after the Nifty 50 snapped an eight-day losing streak with modest gains in the previous session. The index was down 0.2%, while the BSE Sensex declined 0.15%. Singapore is set to present its first budget under Prime Minister Lawrence Wong later in the day, with analysts anticipating increased support for households and businesses as the country prepares for a general election in November.
U.S. markets were closed for a public holiday, but stock futures were higher. Dow Jones Industrial Average futures gained 106 points or 0.2%, while S&P 500 and Nasdaq 100 futures each advanced 0.2%.
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